Flamingo is one of the oldest hotels on the Vegas strip but is still a top one in my opinion because of its central location on Las Vegas Blvd. Crossing the blvd you are at Caesars Palace; if you walk south you are at the Cromwell and walking north will take you to Jimmy Buffett's Margaritaville and to the Linq area with retail shops and bars. The high roller Ferris wheel is located at the back of this area.
If you stay at this hotel, try to make sure it's in the summer as it has an amazing 21+ party pool with live djs, and relatively affordable daybed and cabanas. This past summer they started having night time entertainment at the pool. The back garden with flamingos and goldfish are still an attraction and are well maintained kept.
To any visitor, I would stay here if I were a bachelor or bachlorette party on a budget with no intention of staying in your room for other than sleeping and showering.
You'll have good time and it helps being in the center of the strip.