Last Updated on July 30, 2026 by Daniel Globe
Bellagio Resort & Casino is one of the best-known properties on the Las Vegas Strip, but answering who owns it requires separating the resort’s real estate from its hotel and casino operations. The land and buildings are held through an investment structure involving Blackstone Real Estate Income Trust, Realty Income, and MGM Resorts International. MGM Resorts continues to operate Bellagio.
Quick Answer
As of July 2026, Bellagio’s real estate is owned 73.1% by Blackstone Real Estate Income Trust, 21.9% by Realty Income, and 5% by MGM Resorts International. MGM Resorts leases the property and continues to operate the hotel, casino, restaurants, fountains, and other guest facilities.
Key Takeaways
- Blackstone Real Estate Income Trust, commonly called BREIT, holds the largest indirect interest in Bellagio’s real estate at 73.1%.
- Realty Income acquired a 21.9% indirect common-equity interest in October 2023 and also made a $650 million preferred-equity investment.
- MGM Resorts retains a 5% real-estate interest and operates Bellagio under a long-term triple-net lease.
- Steve Wynn and Mirage Resorts developed Bellagio, but MGM acquired Mirage Resorts in 2000.
- Bellagio’s Marriott Bonvoy and Luxury Collection affiliation is a licensing and loyalty partnership, not a transfer of ownership.
Who Owns the Bellagio Today?
Bellagio’s real estate is not owned by one company alone. The current ownership is divided among three investors:
| Investor | Indirect Real-Estate Interest | Role |
|---|---|---|
| Blackstone Real Estate Income Trust | 73.1% | Controlling real-estate investor |
| Realty Income Corporation | 21.9% | Common-equity investor and preferred-equity investor |
| MGM Resorts International | 5% | Minority real-estate investor, tenant, and resort operator |
The percentages were confirmed when BREIT announced the closing of Realty Income’s investment on October 3, 2023. Realty Income’s 21.9% figure refers to its indirect common-equity interest in the property. It also invested $650 million in yield-bearing preferred equity.
Note: Saying that Blackstone “owns Bellagio” is a useful shorthand, but it is incomplete. The controlling investor is Blackstone Real Estate Income Trust, while Realty Income and MGM Resorts also hold real-estate interests.
Who Operates the Bellagio Hotel and Casino?
MGM Resorts International operates Bellagio. MGM manages the hotel, casino, restaurants, entertainment, fountains, staffing, maintenance, reservations, and most other parts of the guest experience.
The real-estate owners act primarily as landlords and investors. They receive rent and hold interests in the land and buildings, but they do not run the casino floor or manage hotel check-in.
Bellagio’s real estate has three investors, but MGM Resorts remains the company responsible for operating the resort.
MGM’s 2025 annual report, published in 2026, states that the company leases Bellagio’s real estate from a venture in which MGM holds a 5% interest.
MGM Resorts International and the Bellagio
MGM Resorts did not originally create Bellagio. Steve Wynn and his company, Mirage Resorts, conceived and developed the resort. Bellagio opened on October 15, 1998, and quickly became known for the Fountains of Bellagio, its art collection, luxury accommodations, fine dining, and casino.
MGM Grand Inc. acquired Mirage Resorts in 2000. The combined company became MGM Mirage and was renamed MGM Resorts International in 2010. Through that acquisition, MGM gained Bellagio and became responsible for its ownership and operation.
Bellagio remains a major MGM Resorts destination. The official 2026 Bellagio fact sheet lists 3,933 guest rooms and identifies October 15, 1998, as the resort’s grand-opening date.
Blackstone Real Estate Income Trust and the Bellagio
Blackstone Real Estate Income Trust is the largest current investor in Bellagio’s real estate. BREIT is a real-estate investment vehicle managed by a Blackstone subsidiary. It is more precise to identify BREIT as the investor rather than saying that “The Blackstone Group” owns the entire property outright.
BREIT entered the Bellagio ownership structure in 2019. It initially held 95% of the real-estate joint venture, while MGM retained 5%. After selling part of its interest to Realty Income in 2023, BREIT retained a 73.1% indirect interest in the property.
How the 2019 Bellagio Sale-Leaseback Worked
In November 2019, a BREIT-led joint venture acquired Bellagio’s real-estate assets for $4.25 billion. BREIT held 95% of the venture, and MGM Resorts held the remaining 5%.
The transaction was a sale-leaseback. MGM sold most of its ownership in the land and buildings, received cash from the transaction, and immediately leased the property back so that it could continue operating Bellagio.
According to the official 2019 closing announcement, MGM remained responsible for all aspects of the property’s day-to-day management and operation.
What Is a Sale-Leaseback?
A sale-leaseback separates ownership of a building from operation of the business inside it. The seller receives money for the real estate but continues using the property as a tenant under a lease.
For MGM, the structure released capital tied up in Bellagio’s real estate while allowing the company to keep operating one of its most important resorts. For the property investors, the arrangement created a long-term rental-income stream backed by an established resort operator.
What Changed in the 2023 Realty Income Deal?
In October 2023, Realty Income completed an investment of approximately $950 million involving Bellagio. The transaction consisted of about $300 million in common equity and $650 million in preferred equity.
The common-equity investment gave Realty Income a 21.9% indirect interest in Bellagio’s real estate. BREIT’s indirect interest fell to 73.1%, while MGM Resorts retained its existing 5% interest.
The transaction valued Bellagio’s real estate at approximately $5.1 billion. It did not replace MGM as the resort operator, and guests did not need to change existing reservations because of the investment.
The History of Bellagio Ownership
| Year | Owner or Transaction | What Happened |
|---|---|---|
| 1998 | Mirage Resorts, led by Steve Wynn | Bellagio opened on October 15, 1998. |
| 2000 | MGM Grand Inc. | MGM acquired Mirage Resorts and gained Bellagio. |
| 2019 | BREIT-led joint venture and MGM Resorts | The venture acquired the real estate for $4.25 billion. BREIT held 95%, and MGM retained 5%. |
| 2023 | BREIT, Realty Income, and MGM Resorts | Realty Income acquired a 21.9% indirect interest, leaving BREIT with 73.1% and MGM with 5%. |
Steve Wynn is central to Bellagio’s history because he directed its development, but listing him as the resort’s legal owner oversimplifies the corporate structure. Mirage Resorts was the company that developed and owned Bellagio when it opened.
Current Ownership Structure of the Bellagio
The current arrangement separates three roles:
- Real-estate ownership: BREIT, Realty Income, and MGM Resorts hold interests in the land and buildings.
- Tenant and operator: MGM Resorts leases Bellagio and runs its hotel and casino operations.
- Brand and loyalty affiliations: Bellagio remains an MGM Resorts destination and also participates in MGM Collection with Marriott Bonvoy.
MGM’s Bellagio lease began in November 2019 with an initial term of 30 years. MGM has two optional 10-year renewal periods. This means the lease could potentially remain in effect for up to 50 years, although future renewals are not automatic.
What Does Triple-Net Lease Mean?
Bellagio is operated under a triple-net lease. Under this type of agreement, the tenant generally pays the property’s taxes, insurance, utilities, routine maintenance, and other operating costs in addition to rent.
MGM therefore remains responsible for maintaining and operating Bellagio even though it no longer owns most of the resort’s real estate.
The Impact of Ownership on Bellagio’s Operations
For most guests, the real-estate ownership structure has little visible effect. MGM still controls reservations, hotel service, casino operations, dining, entertainment, MGM Rewards participation, and the resort’s daily management.
The investors’ role is more closely connected to property ownership, lease income, financing, and long-term asset value. They do not replace MGM’s front-desk staff, casino management, or restaurant teams.
Pro Tip: For reservations, room policies, fountain schedules, casino questions, or renovation updates, use Bellagio’s official MGM Resorts website. The real-estate investors do not handle ordinary guest-service requests.
The Relationship Between Ownership and the Bellagio Brand
Bellagio’s brand and real-estate ownership are related but separate. MGM Resorts controls the guest-facing operation and continues to market Bellagio as part of its resort portfolio.
Bellagio is also affiliated with Marriott’s Luxury Collection through MGM Collection with Marriott Bonvoy. That affiliation allows eligible guests to book through Marriott channels and participate in Marriott Bonvoy benefits.
Marriott does not own Bellagio and does not replace MGM as the operator. The arrangement is based on a long-term strategic licensing and loyalty partnership between MGM Resorts and Marriott International.
The Financial Implications of Owning Bellagio
The Bellagio transactions show why resort companies sometimes separate real estate from operations. MGM received substantial cash from the 2019 sale while continuing to earn revenue from running the hotel, casino, restaurants, and entertainment venues.
The real-estate investors receive income through Bellagio’s lease and may benefit from changes in the property’s long-term value. They also face risks connected to financing, tourism demand, property values, and MGM’s ability to meet its lease obligations.
MGM remains responsible for significant property-related expenses under the triple-net lease. Its 2025 annual report states that annual Bellagio cash rent increased to $276 million for the lease year that began on December 1, 2025.
Realty Income’s investment has two parts. Its common equity gives it an indirect ownership interest, while its preferred equity is structured to provide a contractual return before distributions to common-equity holders, subject to the investment terms.
The Future of Bellagio Ownership
Bellagio’s ownership could change again if one of the investors sells all or part of its interest, if the joint venture is restructured, or if MGM later exercises or declines its lease-renewal options. No future ownership transfer should be treated as confirmed until the companies announce a completed or binding transaction.
Ownership changes also do not automatically mean that the Bellagio name, management team, or guest experience will change. The 2019 and 2023 transactions altered the investment structure while MGM continued operating the resort.
Bellagio’s official website currently promotes remodeled and newly redesigned room categories. Renovations and operating upgrades can occur under the existing lease without changing the underlying ownership percentages.
Who Really Owns the Bellagio?
The most accurate answer is that Bellagio has multiple real-estate owners and one primary operator. Blackstone Real Estate Income Trust controls the largest interest at 73.1%. Realty Income holds a 21.9% indirect common-equity interest, and MGM Resorts retains 5%.
MGM Resorts is also Bellagio’s tenant and operator. It runs the hotel and casino, manages the guest experience, and maintains the property under its long-term lease.
Steve Wynn and Mirage Resorts created the original Bellagio, but neither Wynn nor Wynn Resorts owns the Las Vegas property today. Marriott also does not own it; Marriott’s involvement is limited to the resort’s brand and loyalty-program partnership.
Frequently Asked Questions
Who owns the Bellagio Hotel in Las Vegas?
Bellagio’s real estate is owned through interests held by Blackstone Real Estate Income Trust at 73.1%, Realty Income at 21.9%, and MGM Resorts International at 5%. MGM Resorts operates the hotel and casino.
Does MGM Resorts still own Bellagio?
MGM Resorts owns a 5% interest in Bellagio’s real estate. It no longer owns the entire property, but it leases and operates Bellagio under a long-term agreement.
Does Blackstone own the Bellagio?
Blackstone Real Estate Income Trust is Bellagio’s controlling real-estate investor with a 73.1% indirect interest. It is not the sole owner because Realty Income and MGM Resorts also hold interests.
What does Realty Income own at Bellagio?
Realty Income holds a 21.9% indirect common-equity interest in Bellagio’s real estate. It also invested $650 million in preferred equity connected to the ownership venture.
Who runs the Bellagio casino and hotel?
MGM Resorts International runs Bellagio. MGM is responsible for the hotel, casino, restaurants, entertainment, staffing, maintenance, reservations, and other daily operations.
Did Marriott buy the Bellagio?
No. Bellagio participates in MGM Collection with Marriott Bonvoy and is affiliated with Marriott’s Luxury Collection, but Marriott does not own or operate the resort.
Did Steve Wynn own the Bellagio?
Steve Wynn led the development of Bellagio through Mirage Resorts. Mirage Resorts was the corporate owner when the resort opened in 1998. MGM acquired Mirage Resorts in 2000.
When did the Bellagio open?
Bellagio opened on October 15, 1998. The resort’s official 2026 fact sheet lists 3,933 guest rooms.
Sources
- MGM Resorts: Bellagio sale-leaseback closing announcement — confirms the $4.25 billion 2019 transaction, original 95%/5% ownership structure, and MGM’s continued operation of the resort.
- Blackstone Real Estate Income Trust: Realty Income investment closing — confirms the current 73.1%, 21.9%, and 5% ownership interests.
- Realty Income 2025 Annual Report — confirms Realty Income’s common- and preferred-equity investments.
- MGM Resorts 2025 Annual Report — confirms MGM’s 5% venture interest, lease term, triple-net obligations, and continued operation of Bellagio.
- Bellagio Fact Sheet 2026 — confirms the resort’s opening date and current room count.
- MGM Resorts and Marriott licensing announcement — explains Bellagio’s Luxury Collection and Marriott Bonvoy affiliation.
