No, the Bellagio is not owned by Caesars Entertainment (the parent company of Caesars Palace). As of 2026, the Bellagio is part of the MGM Resorts International portfolio. While the actual real estate underlying the Bellagio was sold to Blackstone (a private equity firm) in a "sale-leaseback" deal in 2019, MGM Resorts continues to serve as the operator and brand owner under a long-term lease agreement. Caesars Entertainment and MGM Resorts are the two largest "rival" conglomerates on the Las Vegas Strip. Caesars owns properties like Paris Las Vegas, Planet Hollywood, and Flamingo, while MGM owns the Bellagio, MGM Grand, ARIA, and Mandalay Bay. This means if you are a member of the Caesars Republic loyalty program, you cannot earn or use points at the Bellagio; instead, you would need to use MGM Collection with Marriott Bonvoy. The Bellagio remains MGM’s "crown jewel," famous for its Mediterranean theme and the iconic dancing fountains that distinguish it from the Roman-themed Caesars Palace located just down the street.