Profits improved under the ownership of the newly formed MGM Mirage (later MGM Resorts). A 33-story hotel tower, with 928 rooms, was opened in 2004. MGM owned the Bellagio until 2019, when it sold the resort to Blackstone Inc. for $4.25 billion. MGM continues to operate the property under a lease arrangement.

The Bellagio Resort & Casino has a storied ownership history that began with the legendary casino mogul Steve Wynn. Wynn's company, Mirage Resorts, built the property on the former site of the Dunes hotel, opening it in 1998 as the most expensive hotel ever built at the time. In 2000, ownership shifted to MGM Grand Inc. (which later became MGM Resorts International) following a massive $4.4 billion merger with Mirage Resorts. For nearly two decades, MGM was the sole owner and operator. However, in November 2019, MGM Resorts sold the real estate assets of the Bellagio to the private equity giant Blackstone Inc. for $4.25 billion. Under this "sale-leaseback" agreement, Blackstone currently owns the physical buildings and land, while MGM Resorts continues to manage and operate the casino and hotel day-to-day through a long-term lease. MGM also retained a 5% equity stake in the joint venture that owns the property, maintaining a vestige of ownership while freeing up billions in capital for other global investments.