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, 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
Mandalay Bay Ownership
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Luxor Ownership
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Excalibur Ownership
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Tropicana Ownership
Land and Physical Assets: Gaming & Leisure Properties, Inc. or GLPI
Operations: Bally’s Corporation
MGM Grand Ownership
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
New York New York Ownership
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Park MGM Ownership
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Aria Ownership
Land and Physical Assets: Blackstone Real Estate Income Trust
Operations: MGM Resorts
Vdara Ownership
Land and Physical Assets: Blackstone Real Estate Income Trust
Operations: MGM Resorts
Cosmopolitan Ownership
Land and Physical Assets: Blackstone Real Estate Income Trust, Stonepeak Partners, and the Cherng Family Trust
Operations: MGM Resorts
Bellagio Ownership
Land and Physical Assets: Blackstone Real Estate Income Trust (73.1% ownership), Realty Income Investments (21.9% ownership) & MGM Resorts (5% ownership)
Operations: MGM Resorts
Planet Hollywood Ownership
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Paris Ownership
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Horseshoe Ownership
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Cromwell Ownership
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Flamingo Ownership
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
LINQ Ownership
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Harrah’s Ownership
Land and Physical Assets: VICI Properties
Operations: Caesars Entertainment
Casino Royale Ownership
Land and Physical Assets: The Elardi Family
Operations: The Elardi Family
Venetian & Palazzo Ownership
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.
Caesars Palace Ownership
Land and Physical Assets: VICI Properties
Operations: Caesars Entertainment
The Mirage/Hard Rock Ownership
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. That metamorphosis will be complete in 2027.
TI Ownership
Land and Physical Assets: Phil Ruffin
Operations: Phil Ruffin
Resorts World Ownership
Land and Physical Assets: Genting Group
Operations: Genting Group
Circus Circus Ownership
Land and Physical Assets: Phil Ruffin
Operations: Phil Ruffin
Wynn & Encore Ownership
Land and Physical Assets: Wynn Resorts
Operations: Wynn Resorts
Sahara Ownership
Land and Physical Assets: Meruelo Group
Operations: Meruelo Group
STRAT Ownership
Land and Physical Assets: Golden Entertainment
Operations: Golden Entertainment
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.
I’m a former software salesman turned Vegas aficionado. While the craps table is my preferred habitat, I pull myself away to explore new attractions, shows, restaurants, and outdoor activities around Las Vegas with the intent of sharing my experiences.
Ultimately, I just want to help folks plan a better trip and save a few bucks in the process.