The operator runs the day-to-day of the resort, dictates the loyalty program, and will be who you interact with as a guest.īelow, I’ll clearly define who the current owner of each Strip resort’s physical assets and operations are. Since then, they’ve gone on to buy a good chunk of the real estate along the Strip, collecting rent from the operators.įrom the customer’s perspective, the only entity that matters is the owner of the operations. Not only do properties change hands frequently, but there are more and more situations where a Real Estate Investment Trust (or REIT) owns the physical property while a separate entity leases the building and owns the operations of the resort.Īs you’ll see, the most common REIT landlord in Las Vegas is VICI Properties, which was formed in 2017 as a spinoff of Caesars Entertainment. Nailing down who owns each casino in Las Vegas becomes a more challenging and confusing exercise by the day.
