Display most recent featured custom post stype in main blog flow

I am building a self-hosted blog with one custom post type, “event”. I will have a separate page that will show only “event” posts, not regular posts.

However, what I’d like to do is have one “event” post appear in my regular blog flow on the home page at a time. It can’t be ALL “event” posts, or even the one most recent “event” post, because I will have hundreds of events active in the system, stretching into the future. (It’s a baseball site. These are going to be baseball games.)

So the workflow I can envision working for this is to add a “featured” (or sticky, or whatever) checkbox to my custom post, and then have my home page show only the most recent featured event post. When I make another event post featured, that would be the one that would appear on the home page, with the next oldest one not appearing.

Problem is, I have no idea how to do that. Thoughts?