Richard P. Brown, chief executive officer of AREP's gaming operations, says that the Flamingo is the largest hotel in Laughlin with 1,907 rooms. The property, which features two 18-story towers, also includes a 57,000-sf casino, seven restaurants, 35,000 sf of meeting space and a 3,000-seat amphitheater.
A spokesman for Harrah's says that the site was "a non-strategic asset that was acquired in the Caesar's Entertainment acquisition in June." Since then, the property has been listed by Harrah's as an "asset held for sale."
Brown, who is president and chief executive officer of AREP subsidiaries American Casino and Entertainment Properties in Las Vegas and Atlantic Coast Entertainment Holdings in Atlantic City, says AREP will most likely undertake a capital improvement program at the Flamingo Laughlin. The transactions are expected to close by mid-2006.
The Traymore site was once home to the Traymore Hotel. The site is now primarily vacant land and is situated between the Sands Hotel and Casino, which is owned by a subsidiary of American Real Estate Partners, and the Atlantic City Boardwalk., Brown says, "We're just taking a look at a broad range of options for that property." No firm development plans have been made, including a decision on whether the site would be suitable for a casino. Subsidiaries of American Real Estate Holdings also own the Stratosphere Casino Hotel & Tower, Arizona Charlie's Decatur and Arizona Charlie's Boulder, which are all gaming facilities located in Las Vegas.
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