MGM Resorts International operates MGM casinos. Their properties, like MGM Grand and Mandalay Bay in Las Vegas, are managed by this publicly traded company (NYSE: MGM), a global gaming leader with hotels, shows, and dining across the US and China.

Ownership Breakdown

Casinos and operations fall under MGM Resorts International , but real estate is often owned separately by landlords—a common Vegas strategy since 2016 to unlock value.

  • Operator : MGM Resorts runs the gaming, hotels, and experiences at places like Bellagio, Luxor, Aria, MGM Grand, Mandalay Bay, and more (18 US properties as of late 2024).
  • Real Estate Owners :

Property Group| Operator| Landlord(s)| Key Deal Date
---|---|---|---
MGM Grand, Mandalay Bay| MGM Resorts| VICI Properties (full since 2023), previously Blackstone (49.9% stake bought for $1.3B)| 2022-2023 13
Excalibur, Luxor, NY-NY, Park MGM, etc.| MGM Resorts| VICI Properties (acquired via MGM Growth Properties in $17.2B deal)| 2022 3
Bellagio| MGM Resorts| Blackstone| 2019 3

This split lets MGM focus on operations while REITs like VICI (ironically spun from Caesars, MGM's rival) own the buildings and lease them back.

Ownership Evolution

MGM Resorts started as a traditional owner but pivoted in 2016 by creating MGM Growth Properties to sell real estate (e.g., $1.1B for Excalibur/Luxor group). VICI snapped up MGM Growth in 2022, consolidating Strip dominance—VICI now controls most Caesars and MGM properties.

By 2023, VICI took full control of MGM Grand/Mandalay Bay real estate from Blackstone, a shift reflecting post-pandemic consolidation.

Current Status (as of March 2026)

MGM Resorts remains publicly owned with institutional investors dominant; no single entity controls it outright. They boast 31 global properties and co-own BetMGM (50% stake). Recent financials highlight casino ops as core revenue.

TL;DR : MGM Resorts International owns and operates the casinos; VICI Properties and Blackstone own much of the real estate. Bottom note: Information gathered from public forums or data available on the internet and portrayed here.