It was stated in news media that Bugsy Siegel, a gangster, with help from friends and mob boss Meyer Lansky, poured money through Mormon owned banks to obtain legitimacy to build The Pink Flamingo in 1946. In December 1946, in Las Vegas, Nevada, Benjamin (Bugsy) Siegel opened what was called at the time, The Pink Flamingo. Its total cost was $6 million. The 40 acre facility was not complete, but Siegel was hoping to raise some revenue with a grand opening.

The grand opening of The Pink Flamingo was a big flop. Bad weather kept many Hollywood guests from arriving. Most of the gamblers at the casino had rooms at other hotels. Many of the winners at The Pink Flamingo took their winnings elsewhere. The casino lost $300,000 in the first week of operation. Later, in 1947, it had a grand reopening as "The Fabulous Flamingo". It was then reported that the place made a profit in the month of May of that year.

In 1960, the hotel and casino were sold for $10.5 million to a group including Samuel Cohen, Morris Lansburgh, and Daniel Lifter. They were Miami residents who were linked to organized crimes within the United states. In late 2000, after years of continuous gambling operations, the property was renamed Flamingo Las Vegas.

In 2018, the hotel underwent a complete $90-million makeover. Forrest Perkins was the designer and he used gold and pink colors in 3500 upgraded rooms. He described the rooms as contemporary retro-chic with a focus on the 70-year history of the hotel.

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