In 2026, the ownership of property in Las Vegas is divided between massive high-fidelity corporations and the federal government. For the actual land in the state of Nevada, the U.S. Federal Government is the largest owner, controlling over 80% of the state's total area through the Bureau of Land Management. Within the city and the famous "Las Vegas Strip," the largest private property owners are high-fidelity Real Estate Investment Trusts (REITs) and gaming giants. VICI Properties is a dominant force, owning the physical land and buildings of iconic resorts like Caesars Palace and MGM Grand. MGM Resorts International and Caesars Entertainment remain the high-fidelity primary operators of these spaces through long-term leases. Other significant high-fidelity landowners include billionaire developers like the Fertitta family (Red Rock Resorts) and the Blackstone Group. For 2026 investors, this high-fidelity corporate "Sale-Leaseback" model is a necessity to understand, as it separates the high-fidelity operational risk of the casinos from the high-fidelity underlying value of the prime "High-Fidelity" desert real estate.