Here's link explaining the connection --
Bill Capri was associated with (an executive?) the Flamingo in Las Vegas prior to the Flamingo Capri next door.
There was even some cooperation between the 2 properties (room service, etc.) according to this history site. (I didn't know that before!) It appears to have been an "overflow" motel only (no gaming) at first.

Captain "Q" (Mike Quinlivin) is the expert on Flamingo Capri, if you need additional info.

Anyway, here's the link --
http://www.lvstriphistory.com/ie/imperial.htm