The Strip's largest landowner — owns the dirt under Caesars Palace, MGM Grand, Bellagio, Mandalay Bay, the Venetian
VICI Properties is the single largest landowner on the Las Vegas Strip — full stop. The REIT owns the underlying real estate of [[casino:caesars-palace|Caesars Palace]], [[casino:bellagio|Bellagio]], [[casino:mgm-grand|MGM Grand]], [[casino:mandalay-bay|Mandalay Bay]], [[casino:venetian|The Venetian]], [[casino:palazzo|Palazzo]], [[casino:aria|Aria]], [[casino:vdara|Vdara]], [[casino:park-mgm|Park MGM]], [[casino:luxor|Luxor]], [[casino:excalibur|Excalibur]], [[casino:new-york-new-york|New York-New York]], [[casino:paris|Paris]], [[casino:planet-hollywood|Planet Hollywood]], [[casino:flamingo|Flamingo]], [[casino:linq|The LINQ]], [[casino:harrahs|Harrah's]], [[casino:horseshoe|Horseshoe]], [[casino:strat|The STRAT]], and (as of Dec 2022) the former [[casino:hard-rock|Mirage]] — now mid-rebuild as Hard Rock Las Vegas.
VICI was created as a spinoff from [[operator:caesars-entertainment|Caesars Entertainment]]'s 2017 bankruptcy reorganization. Since then it has consolidated nearly every major Strip property's real estate through three landmark transactions: the 2019 Bellagio sale-leaseback ($4.25B), the 2022 acquisition of MGM Growth Properties ($17.2B), and the 2022 Apollo-Venetian transaction ($4B for the dirt). See [[article:vici-properties-landlord]] for the full thesis.