Key Largo Casino 377 East Flamingo, Las Vegas The property began in 1974, as the Ambassador Inn hotel. A casino was added in 1978. The property underwent numerous name changes up to 1997, when it was reopened as the Key Largo. The property closed in 2005, to make way for a new high-rise project that failed to materialize. After years of sitting vacant, Key Largo was partially destroyed in a 2013 fire and was subsequently demolished.