Which group owns Bellagio?

Bellagio (/b?'l??i.o?/ b?-LAH-zhi-oh) is a resort, luxury hotel and casino on the Las Vegas Strip in Paradise, Nevada. It is owned by Blackstone Inc. and operated by MGM Resorts International.



The Bellagio Resort and Casino on the Las Vegas Strip is currently owned by Blackstone Inc., specifically through its Blackstone Real Estate Income Trust (BREIT). In a landmark 2019 "sale-leaseback" transaction valued at $4.25 billion, Blackstone purchased the real estate assets from the original owner, MGM Resorts International. In 2023, a further stake (21.9%) was sold to Realty Income Corp, but Blackstone remains the controlling owner of the physical property. It is important to distinguish between "ownership" and "operation": while Blackstone owns the buildings and the land, MGM Resorts International continues to manage and operate the casino, hotel, and fountains under a long-term lease agreement. This model is common in 2026 Las Vegas, where massive investment firms own the real estate while established hospitality brands run the day-to-day guest experience. This allows MGM to remain "asset-light" while Blackstone secures a stable, long-term rental income from one of the most profitable luxury assets in the world.

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