Caesars has huge plans for classic Las Vegas Strip resort casino

Currently, the resort houses Bugsy & Meyer's Steakhouse, and the non-descript Carlos 'n Charlies as well as a low-end food court and a coffee shop/snack stand. Technically, the venue also claims Jimmy Buffett's Margaritaville as a tenant, but that popular bar and restaurant is more adjacent to than part of the property.

Little attention has been paid to The Flamingo in recent years as Caesars has made major additions to Caesars Palace, revamped parts of Harrah's, modernized Horseshoe after it dropped the Bally's name, and added multiple restaurants and bars to Paris Las Vegas which will also add a tower that was previously part of Horseshoe.

Flamingo was overlooked because, at this time last year, the company was still planning to sell the resort. That process fell through but Caesars Entertainment (CZR) - Get Free Report CEO Tom Reeg was clear that he was okay with that during his company's second-quarter earnings call.

 "As we have discussed, this is a discretionary trade for us," Reeg said, 

At the time of the proposed sale, the CEO explained his logic and the feedback the company received.

"When I first started talking about we're to sell our Vegas Strip asset, the response from full sell-side and buy-side was why would you want to sell the Vegas Strip asset? Look at how great it is. And we said there are times in the market that you don't have to go back very far, that where -- we didn't -- we wouldn't want to have owned this many rooms," he said, "And now the conversations have turned to, oh my god, can you get this done? This is critical. This is a change in you, not in us."

Now, Caesars has recommitted to Flamingo with two massive projects scheduled for the resort that will make it more of a restaurant and bar destination.

Caesars Flamingo adds Gordon Ramsay

Gordon Ramsay has a very successful partnership with Caesars that includes six Las Vegas Strip restaurants will lend his name to a new project at Flamingo. Caesars has not shared any details of the new project which is code-named "Bird Bar," according to a permit filed with Clark County on Nov. 1 for a $3.5 million restaurant at Flamingo," the Las Vegas Review-Journal reported.

The newspaper confirmed the restaurant, speaking to "a person with knowledge of the project who was not authorized to speak publicly."

No details have been shared for the eatery and Ramsay's portfolio runs the gamut from high-end steakhouses, to gastro-pubs, and more casual eateries like his fish and chips shop in Caesars Linq Promenade. He also has a burger restaurant at Planet Hollywood and even a branded pizza concept as well as a coffee shop at the Harrah's in Cherokee, North Carolina. 

Caesars also shared on Nov. 2 that reality TV star Lisa Vanderpump's bar slated to also open at Flamingo now has a name. The project will include "designs reminiscent of a bygone era," according to a press release. 

Vanderpump called the theme "Art Deco style" and shared that the building will extend into a dramatic conservatory that will enhance the façade of the Flamingo on the Las Vegas Strip.

"Like her other locations, Pinky’s by Vanderpump (coined after Vanderpump’s nickname 'Pinky') will feature distinctive dishes, statement cocktails, and the restaurateur’s signature design aesthetic," Caesars shared.

The new bar and restaurant will open in the summer of 2024. No opening date has been set for Ramsay's secret restaurant project.