In 2026, the title of "largest property owner" in Las Vegas is a distinction between operating companies and real estate investment trusts (REITs). In terms of operational control and the number of resort rooms, MGM Resorts International remains the dominant force, managing iconic properties like the Bellagio, MGM Grand, Aria, and Mandalay Bay. However, the legal ownership of the underlying land and buildings often belongs to VICI Properties Inc., a massive REIT that spun off from Caesars Entertainment. VICI owns the real estate of many of the most famous landmarks on the Strip, including Caesars Palace, The Venetian, and Mirage. Another significant player is VICI's rival, Blackstone, which has made massive acquisitions in the Las Vegas market over the last decade. This "asset-light" model, where one company owns the real estate while another manages the hospitality and gaming, is the standard for the modern Las Vegas Strip. If you look at the total "acreage" of the entire Las Vegas Valley, the Federal Government (BLM) actually owns the most land, but in the context of the high-value "Resort Corridor," the power is concentrated between the VICI REIT and the MGM/Caesars operators.