VICI Properties now owns “…28 gaming facilities comprising over 47 million square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks…” All such properties now pay rent to VICI Properties and similar such holding companies. **This deal officially closed on April 29, 2022** (As part of the sale, VICI acquired several MGM Resorts-operated properties along Las Vegas Boulevard including Mandalay Bay, MGM Grand, The Mirage, Park MGM, New York-New York, Luxor and Excalibur.) Day-to-day management of the casinos & hotels is retained by MGM Resorts although technically, MGM Resorts no longer “owns” any of the real estate upon which those properties sit. ***The concept of hotel ownership is undergoing a sea change in Las Vegas, whereas larger real estate ownership corporations are purchasing the underlying real estate assets (building and land) of the major casinos, but the operations of the casino/resort hotel are being retained by the casino operator companies, or by their licensees.***įor example: As of August 2021, VICI Properties has purchased or acquired the assets of MGM Resorts and MGM Growth Properties, LLC for approximately $17.2 Billion.
(as of OctoEdited by Mark Sedenquist) All photos by Megan Edwards unless identified with a credit.
Corporate Hotel Groups: A Guide to Who Owns What in and around Las Vegas
