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A Guide to Who Owns Which Casinos in Las Vegas

Nailing down who owns each casino in Las Vegas becomes a more challenging and confusing exercise by the day.

Not only do properties change hands frequently, but there are more and more situations where a Real Estate Investment Trust (or REIT) owns the physical property while a separate entity leases the building and owns the operations of the resort.

As you’ll see on the list, the most common REIT landlord in Las Vegas is VICI Properties, which was formed in 2017 as a spinoff of Caesars Entertainment. Since then, they’ve gone on to buy a good chunk of the real estate along the Strip, collecting rent from the operators.

From the customer’s perspective, the only entity that matters is the owner of the operations. The operator runs the day-to-day of the resort, dictates the loyalty program, and will be who you interact with as a guest.

Below, I’ll clearly define who the current owner of each Strip resort’s physical assets and operations are. As properties change hands, I’ll be sure to revisit this rundown to ensure it stays up to date.

Resort by Resort Ownership Breakdown

Who Owns Mandalay Bay?

Land and Physical Assets: VICI Properties

Operations: MGM Resorts

Mandalay Bay Las Vegas
Photo Courtesy of MGM Resorts

Who Owns Luxor?

Land and Physical Assets: VICI Properties

Operations: MGM Resorts

Luxor Las Vegas exterior with sphinx in the foreground
©belikova/123RF.COM

Who Owns Excalibur?

Land and Physical Assets: VICI Properties

Operations: MGM Resorts

Excalibur Las Vegas exterior

Who Owns Tropicana Las Vegas?

Land and Physical Assets: Gaming & Leisure Properties, Inc. or GLPI

Operations: Bally’s Corporation

Tropicana Las Vegas Exterior

Who Owns MGM Grand Las Vegas?

Land and Physical Assets: VICI Properties

Operations: MGM Resorts

Exterior of MGM Grand at night
©raagoon/123RF.COM

Who Owns New York New York Las Vegas?

Land and Physical Assets: VICI Properties

Operations: MGM Resorts

New York New York Las Vegas Exterior
©photo7/123RF.COM

Who Owns Park MGM?

Land and Physical Assets: VICI Properties

Operations: MGM Resorts

Park MGM Las Vegas Exterior
Photo Courtesy of MGM Resorts

Who Owns Aria?

Land and Physical Assets: Blackstone Real Estate Income Trust

Operations: MGM Resorts

Aria's exterior at night, with many guestrooms illuminated
©kobby_dagan/123RF

Who Owns Vdara?

Land and Physical Assets: Blackstone Real Estate Income Trust

Operations: MGM Resorts

Vdara's Exterior

Who Owns The Cosmopolitan?

Land and Physical Assets: Blackstone Real Estate Income Trust, Stonepeak Partners, and the Cherng Family Trust

Operations: MGM Resorts

Cosmopolitan's exterior at night
©wirepec/123RF.COM

Who Owns Bellagio?

Land and Physical Assets: Blackstone Real Estate Income Trust (95% ownership) / MGM Resorts (5% ownership)

Operations: MGM Resorts

Bellagio Exterior
©Elnur/123RF.COM

Who Owns Planet Hollywood Las Vegas?

Land and Physical Assets: Caesars Entertainment

Operations: Caesars Entertainment

Planet Hollywood exterior illuminated at night
Courtesy of Caesars Entertainment

Who Owns Paris Las Vegas?

Land and Physical Assets: Caesars Entertainment

Operations: Caesars Entertainment

Paris Las Vegas Light Show
Courtesy of Caesars Entertainment

Who Owns Horseshoe Las Vegas?

Land and Physical Assets: Caesars Entertainment

Operations: Caesars Entertainment

Who Owns The Cromwell?

Land and Physical Assets: Caesars Entertainment

Operations: Caesars Entertainment

Cromwell Las Vegas exterior at night
Photo Courtesy of Caesars Entertainment

Who Owns The Flamingo?

Land and Physical Assets: Caesars Entertainment

Operations: Caesars Entertainment

GoPool at Flamingo
Photo Courtesy of Caesars Entertainment

Who Owns The LINQ?

Land and Physical Assets: Caesars Entertainment

Operations: Caesars Entertainment

Exterior of Linq's hotel tower
©4kclips/123RF

Who Owns Harrah’s Las Vegas?

Land and Physical Assets: VICI Properties

Operations: Caesars Entertainment

Exterior of Harrah's Las Vegas at dusk.
Photo Courtesy of Caesars Entertainment

Who Owns Casino Royale Las Vegas?

Land and Physical Assets: The Elardi Family

Operations: The Elardi Family

Casino Royale Exterior
©aneese/123RF.COM

Who Owns The Venetian and Palazzo?

Land and Physical Assets: VICI Properties

Operations: Apollo Global Management

Apollo purchased operations of The Venetian and Palazzo and subsequently announced that they plan to spend upwards of $1 billion on property improvements.

Venetian Las Vegas Exterior
©meinzahn/123RF.COM

Who Owns Caesars Palace Las Vegas?

Land and Physical Assets: VICI Properties

Operations: Caesars Entertainment

Exterior of Caesars Palace's hotel tower with Bellagio's man makde lake in the foreground
©korzeniewskidaniel/123RF

Who Owns The Mirage?

Land and Physical Assets: VICI Properties

Operations: Seminole Tribe of Florida

The Seminole Tribe recently took control of the operations of The Mirage and will be transitioning the property to the Hard Rock brand in the near future.

Mirage Las Vegas Exterior
©photo7/123RF.COM

Who Owns TI Las Vegas?

Land and Physical Assets: Phil Ruffin

Operations: Phil Ruffin

Pirate ship with TI's hotel tower in the background
©donyanedomam/123RF.COM

Who Owns Resorts World Las Vegas?

Land and Physical Assets: Genting Group

Operations: Genting Group

Resorts World Las Vegas Exterior

Who Owns Circus Circus Las Vegas?

Land and Physical Assets: Phil Ruffin

Operations: Phil Ruffin

Circus Circus Exterior at Night
©dacasdo/123RF.COM

Who Owns Wynn and Encore?

Land and Physical Assets: Wynn Resorts

Operations: Wynn Resorts

Wynn and Encore Las Vegas

Who Owns Sahara Las Vegas?

Land and Physical Assets: Meruelo Group

Operations: Meruelo Group

Sahara Las Vegas exterior at dusk
Courtesy of Sahara

Who Owns The STRAT?

Land and Physical Assets: Golden Entertainment

Operations: Golden Entertainment

Strat's SkyPod
Could you take the leap?©duha127/123RF.COM

There you have it – The owner of every resort on the Strip.

Although ownership interests are more complicated today than in the past, all the customer needs to be concerned with is who actually operates the resorts. With that information, you know what loyalty program is in effect and what level of service you can expect.

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