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 resort’s operations.
As you’ll see, the most common REIT landlord is VICI Properties, which was formed in 2017 as a spinoff of Caesars Entertainment. Since then, they’ve bought 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 operations owner. The operator runs the day-to-day operations of the resort, oversees the loyalty program, and will be the entity you interact with as a guest.
Because I’m a nerd, I figured it’d be fun to clearly define who owns the physical assets and operations of each Strip resort.
Resort by Resort Ownership Breakdown
Mandalay Bay
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Luxor
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Excalibur
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Tropicana Site/Future Bally’s Casino
Land and Physical Assets: Gaming & Leisure Properties, Inc. or GLPI
Operations: Bally’s Corporation (planned casino)
MGM Grand
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
New York New York
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Park MGM
Land and Physical Assets: VICI Properties
Operations: MGM Resorts
Aria
Land and Physical Assets: Blackstone Real Estate Income Trust
Operations: MGM Resorts
Vdara
Land and Physical Assets: Blackstone Real Estate Income Trust
Operations: MGM Resorts
Cosmopolitan
Land and Physical Assets: Blackstone Real Estate Income Trust, Stonepeak Partners, and the Cherng Family Trust
Operations: MGM Resorts
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
Planet Hollywood
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Paris
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Horseshoe
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Cromwell (Soon to be Vanderpump)
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Flamingo
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
LINQ
Land and Physical Assets: Caesars Entertainment
Operations: Caesars Entertainment
Harrah’s
Land and Physical Assets: VICI Properties
Operations: Caesars Entertainment
Casino Royale
Land and Physical Assets: The Elardi Family
Operations: The Elardi Family
Venetian & Palazzo
Land and Physical Assets: VICI Properties
Operations: Apollo Global Management
Apollo purchased the operations of The Venetian & Palazzo and subsequently announced that they plan to spend upwards of $1 billion on property improvements.
Caesars Palace
Land and Physical Assets: VICI Properties
Operations: Caesars Entertainment
Hard Rock (Formerly 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. That metamorphosis will be complete in late 2027.
Treasure Island
Land and Physical Assets: Phil Ruffin
Operations: Phil Ruffin
Resorts World
Land and Physical Assets: Genting Group
Operations: Genting Group
Circus Circus
Land and Physical Assets: Phil Ruffin
Operations: Phil Ruffin
Wynn & Encore
Land and Physical Assets: Wynn Resorts
Operations: Wynn Resorts
Sahara
Land and Physical Assets: Meruelo Group
Operations: Meruelo Group
STRAT
Land and Physical Assets: VICI Properties
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.