Is Planet Hollywood up for sale? How about the Flamingo? Social media says yes. The people who track Las Vegas casino deals say no. The rumors started spreading as Fertitta Entertainment gets ready to take over Caesars Entertainment in a $17.6 billion deal, and Casino.org reported on Nov. 9 that neither one is true.
Key Takeaways
- Posts claiming Planet Hollywood and/or the Flamingo will be sold after the Fertitta–Caesars deal closes are not accurate, according to Casino.org and the Vital Vegas blog, which called the Planet Hollywood rumor “zero percent true.”
- Fertitta Entertainment is buying Caesars for about $17.6 billion: roughly $5.7 billion in cash plus about $11.9 billion in debt it takes on.
- Caesars shareholders approved the deal in September at $31 a share in cash. No closing date has been announced.
- Some asset sales are still widely expected after closing. A Strip property or downtown’s Golden Nugget are mentioned as possible candidates.
Where the rumor came from
According to Casino.org, the chatter started with a post on the Vegas subreddit about Planet Hollywood, and the Flamingo came up briefly on another forum. The Reddit post even floated MGM Resorts as a buyer. Casino.org called that unlikely because MGM already runs more of the Strip than anyone else. On Nov. 8, Vital Vegas said the Planet Hollywood sale story was “zero percent true.”
Why these two keep coming up
This has happened before. Planet Hollywood sale talk first came up in 2021 and died down quickly, likely because the resort makes good money for Caesars. In 2022 there were reports that Caesars was shopping the Flamingo, but buyers reportedly balked at an unconfirmed asking price of about $1 billion. They also worried about the property’s need for upgrades and how it would run outside the Caesars Rewards program. Caesars has since committed to renovating the Flamingo for its 80th anniversary.
Real estate is part of the picture too. VICI Properties, Caesars’ main landlord, owns the land under Caesars Palace and Harrah’s on the Strip. According to Casino.org, some buyers would rather buy a resort where the seller owns the land, so they don’t owe rent to a landlord for years. VICI also has rights of first refusal on several Strip properties, including the Flamingo and Planet Hollywood. Those rights go back to Eldorado’s 2019 offer for the old Caesars.
What happens next
Caesars CEO Tom Reeg is expected to lead the combined company. He has hinted at some asset sales, though Casino.org says they would not be blockbuster news. Fertitta already owns the Golden Nugget casinos. Shareholders voted about 133.3 million to 4.3 million in favor. If the deal hasn’t closed by June 26, 2027, they’ll earn a small daily add-on to the $31 price.
What it means for locals and visitors
For now, nothing changes at Planet Hollywood or the Flamingo. Your Caesars Rewards points, show tickets and room bookings work the same as always. If an actual sale is announced, it will come through official filings and company statements, not Reddit. We’ll cover it when that happens. This is news, not investment advice.
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