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Lionel Richie, CMT Awards

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"It's Vegas, baby! We're doing it!"

Lionel Richie was all smiles as he announced plans to add his name to the line of celebrity marquees along the Las Vegas strip come April 27, 2016. During an appearance on Today, the "All Night Long" crooner made the big reveal, sharing that he will be moving in at Planet Hollywood, the current home of Britney Spears, for a 20-show residency. Can't miss this legendary event? The tickets go on sale Sept. 18.

Richie sat down with E! News to talk more about this major moment in his legendary career of over 50 years. 

"It's the hippest thing on the planet. It's a destination again," the 66-year-old said of being offered a residency in the city. "Every artist I know is trying to either be in Vegas from time to time or the residency."

The perks of the accommodation are seemingly endless, offering Richie the opportunity to perform without travel—or better yet— limits. 

"I get to go in and everything you can't do on the road because it's just too awful expensive, we can do it there so if there's anything I want to play with or experiment with or do the drama thing, it's in Vegas," he explained.

While he couldn't reveal too much about what's in store once he hits the stage, he did caution attendees: prepare to belt.

"I call it fabulous karaoke because they're going to be singing louder than I'm going to be singing," the former Commodore said. There's no telling what's going to happen in the crowd, which is something I come to look for every night." 

Joel Madden, Nicole Richie, Lionel Richie

Harrison Funk/MJ Memorial/Getty Images

As for his new competition in Sin City, Richie says the more, the merrier.

"I love it when the streets are full," he said of the bustling city, now an even greater attraction because of A-list residencies like Spears and Jennifer Lopez. "When that activity happens in town, we'll be ready for it."

Richie will also be ready for his family, who he says will definitely be popping into town from time to time. 

"We are going to have so much fun in Vegas. The family is excited because we probably get to do a little bonding here." 

As for those incessant divorce rumors hounding daughter Nicole Richie's marriage to Joel Madden, father knows best. 

"I'm going to set the record straight," Richie confessed. "They are so happy."