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
Who Owns Luxor?
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Who Owns Excalibur?
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Who Owns Tropicana Las Vegas?
Land and Physical Assets: Gaming & Leisure Properties, Inc. or GLPI
Operations: Bally’s Corporation
Who Owns MGM Grand Las Vegas?
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Who Owns New York New York Las Vegas?
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Who Owns Park MGM?
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Who Owns Aria?
Land and Physical Assets: Blackstone Real Estate Income Trust
Operations: MGM Resorts
Who Owns Vdara?
Land and Physical Assets: Blackstone Real Estate Income Trust
Operations: MGM Resorts
Who Owns The Cosmopolitan?
Land and Physical Assets: Blackstone Real Estate Income Trust, Stonepeak Partners, and the Cherng Family Trust
Operations: MGM Resorts
Who Owns Bellagio?
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
Who Owns Planet Hollywood Las Vegas?
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Who Owns Paris Las Vegas?
Land and Physical Assets: Caesars Entertainment
Operations: 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
Who Owns The Flamingo?
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Who Owns The LINQ?
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Who Owns Harrah’s Las Vegas?
Land and Physical Assets: VICI Properties
Operations: Caesars Entertainment
Who Owns Casino Royale Las Vegas?
Land and Physical Assets: The Elardi Family
Operations: The Elardi Family
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.
Who Owns Caesars Palace Las Vegas?
Land and Physical Assets: VICI Properties
Operations: Caesars Entertainment
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.
Who Owns TI Las Vegas?
Land and Physical Assets: Phil Ruffin
Operations: Phil Ruffin
Who Owns Resorts World Las Vegas?
Land and Physical Assets: Genting Group
Operations: Genting Group
Who Owns Circus Circus Las Vegas?
Land and Physical Assets: Phil Ruffin
Operations: Phil Ruffin
Who Owns Wynn and Encore?
Land and Physical Assets: Wynn Resorts
Operations: Wynn Resorts
Who Owns Sahara Las Vegas?
Land and Physical Assets: Meruelo Group
Operations: Meruelo Group
Who Owns The STRAT?
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.