Der blev i 1953 foretaget en større renovering af hotellet og kasinoet, hvor bl.a. den oprindelige indgang blev revet ned og erstattet af et andet indgangsparti og et stort "Champagne Tårn" med flamingoer installeret.<ref name="historyoftheflamingo">{{cite web |url = http://classiclasvegas.squarespace.com/a-brief-history-of-the-strip/?currentPage=7 |title = The Fabulous Flamingo Hotel History in the 1950s |access-date = 5. april 2015 |url-status = dead |archive-url = https://web.archive.org/web/20150412010923/http://classiclasvegas.squarespace.com/a-brief-history-of-the-strip/?currentPage=7 |archive-date = 12. april 2015 }}</ref> Fra 1955 til 1960 var kasinohotellet ejet af bl.a. Albert Parvin med 30%<ref name="Heller"/> og en række andre investorer, herunder [[Tony Martin (amerikansk sanger)|Tony Martin]] og skuespilleren [[George Raft]].<ref name="fundshellercame">{{cite news|last1=Heller|first1=Jean|title=Funds For Parvin Foundation Came From Flamingo Hotel Sale|url=https://www.newspapers.com/image/50329539/?terms=%22Harvey%2BSilbert%22|access-date=29. august 2016|work=The Evening Sun|location=Hanover, Pennsylvania|date=30. oktober 1969|page=29|via=[[Newspapers.com]]|url-access=registration |quote=Harry Goldman, Parvin's partner in Parvin-Dohrmann—a multimillion-a-year hotel supply business in Los Angeles—held {{frac|7|1|2}} percent. Other stockholders included singer Tony Martin and actor George Raft.}}</ref>
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