Casino companies control the lights, loyalty programs, rooms and gaming floors. Increasingly, they do not own the land or buildings beneath them. Much of the Las Vegas Strip has become a landlord and tenant business. VICI Properties, a real estate investment trust spun from Caesars, owns Caesars Palace, Harrah’s Las Vegas, MGM Grand, Mandalay Bay, Luxor, Excalibur, New York New York, Park MGM and the Venetian real estate. Casino companies operate those resorts and pay rent through long term leases.…
MarketLas Vegas
The Casinos Run the Strip. Their Landlords Own It.
VICI and other landlords own much of the Las Vegas Strip’s resort real estate. How casino sale-and-leasebacks separate the operators from the owners.
