Does MGM still own the Bellagio?

MGM owned the Bellagio until 2019, when it sold the resort to Blackstone Inc. for $4.25 billion. MGM continues to operate the property under a lease arrangement. Bellagio is located on 77 acres (31 ha).



As of 2026, MGM Resorts International does not own the physical real estate of the Bellagio, although they still "own" the brand and the operations. In 2019, MGM sold the property to Blackstone Real Estate Income Trust (BREIT) for $4.25 billion in a "sale-leaseback" transaction. Under this 2026 arrangement, MGM continues to operate the resort, manage all day-to-day gambling and hospitality, and pay an annual rent to Blackstone. In 2023, the ownership structure evolved further when Realty Income Corp acquired a 21.9% stake in the joint venture that owns the building. This "asset-light" strategy allows MGM to use the massive capital once tied up in bricks and mortar for other global expansions, such as their integrated resort in Osaka, Japan. For the average guest, nothing has changed—the M Life rewards, the iconic fountains, and the management are all still MGM, but the landlord is now a consortium led by Blackstone.

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And the Bellagio's value shows the strength of Las Vegas' recovery. Blackstone — through its REIT Blackstone Real Estate Income Trust (BREIT) — spent $4.25 billion to buy the Bellagio from MGM Resorts in 2019, and its latest deal with Realty Income values the 4,000-room hotel at $5.1 billion.

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Vici Properties bought MGM Growth in April 2022, and then bought out Blackstone's stake in the MGM Grand in January 2023.

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Luxor Hotel and Casino is one of 19 properties owned by MGM Resorts International and VICI Properties, Inc.. The following ownership information is a subset of that available in the Gaming Business Directory published by Casino City Press.

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Caesars Palace is now owned by Vici Properties and operated by Caesars Entertainment.

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Why is Luxor closing? While no official announcement has been made, a decision to bring down Luxor during a period of weak demand due to the COVID-19 crisis could make sense for the resort's owner, MGM Resorts. The company has long felt its hands are tied by the distinctive, but limiting, Egyptian theme.

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The purchase added full ownership of thirteen properties to Vici's portfolio, and half ownership of the MGM Grand Las Vegas and Mandalay Bay resorts, and increased Vici's annual revenue by $1 billion, along with making it the largest land owner on the Las Vegas Strip, with over 660 acres.

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In addition to its famous choreographed water feature, the Bellagio attracts high-end boutique shoppers looking for a bit of Chanel, Louis Vuitton, Prada, or Gucci, and the casino of course also attracts plenty with its 5,600 square-foot BetMGM Sportsbook, and high table limit poker rooms.

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Another available example, the Las Vegas Bellagio, has a daily revenue of $1.27 million. It is worth noting that these are peak figures among casinos, less popular casinos have revenues that are in the thousands of dollars rather than millions.

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The Bellagio Hotel was conceived by casino owner Steve Wynn, who wanted to create a resort inspired by the village of Bellagio, located near Lake Como, Italy. He bought the site of the former Dunes hotel and casino in 1993 for $75 million and demolished it in 1994.

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The sale of the oddly-specific 22% of Bellagio means the resort is valued at $5.1 billion. Blackstone acquired Bellagio for $4.25 billion. Blackstone used to be a bigger player in Las Vegas, but Vici Properties (another REIT) is the real whale, or as we've described it, “the Strip's landlord.”

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The Cosmopolitan of Las Vegas (commonly referred to simply as The Cosmopolitan or The Cosmo) is a resort casino and hotel on the Las Vegas Strip in Paradise, Nevada. It is owned by The Blackstone Group, Stonepeak Partners, and Cherng Family Trust and operated by MGM Resorts International.

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