No, Mandalay Bay is not owned by Caesars Entertainment (the parent company of Caesars Palace). As of early 2026, the real estate of Mandalay Bay is owned by VICI Properties Inc., an experiential real estate investment trust that acquired the remaining interest in the property from Blackstone in 2023. While VICI owns the land and the physical buildings, the resort is operated by MGM Resorts International under a long-term triple-net lease agreement. This makes Mandalay Bay a key part of the MGM Rewards ecosystem, alongside other major Strip properties like the Bellagio, Aria, and MGM Grand. Caesars Palace, by contrast, is operated by Caesars Entertainment, which manages a separate portfolio including Harrah’s, Horseshoe, and Paris Las Vegas. While both MGM and Caesars properties may share the same landlord (VICI Properties), they remain fierce competitors in the Las Vegas gaming and hospitality market, each maintaining their own distinct loyalty programs and corporate identities.