Last Updated on July 30, 2026 by Daniel Globe
Bellagio is one of the best-known resorts on the Las Vegas Strip, but the answer to “Who owns Bellagio?” is more complicated than a single company name. MGM Resorts International runs the hotel and casino, while the resort’s land and buildings are held through a separate real-estate venture involving Blackstone Real Estate Income Trust, Realty Income, and MGM.
Quick Answer
MGM Resorts International operates Bellagio and owns the resort’s operating subsidiary. Based on the latest disclosed property transaction, Bellagio’s real estate is owned indirectly by Blackstone Real Estate Income Trust, or BREIT, at 73.1%, Realty Income at 21.9%, and MGM Resorts at 5%.
Key Takeaways
- MGM Resorts International manages Bellagio’s hotel, casino, restaurants, entertainment, employees, reservations, and guest services.
- The land and buildings are held through a separate real-estate ownership structure.
- The latest publicly disclosed interests are 73.1% for BREIT, 21.9% for Realty Income, and 5% for MGM Resorts.
- MGM transferred the real estate to a BREIT-led venture in a $4.25 billion sale-leaseback in 2019; Blackstone did not sell Bellagio to MGM that year.
- For guests, Bellagio still functions as an MGM Resorts property and participates in MGM’s booking and loyalty systems.
Who Owns the Bellagio Hotel in Las Vegas?
The clearest answer depends on which part of Bellagio you mean:
- Hotel and casino operations: MGM Resorts International operates Bellagio through an MGM subsidiary.
- Land and buildings: The real estate is owned through a venture involving BREIT, Realty Income, and MGM Resorts.
- Management and guest experience: MGM controls day-to-day operations under a long-term lease.
According to the latest publicly disclosed ownership transaction, BREIT holds a 73.1% indirect interest in the property, Realty Income holds 21.9%, and MGM Resorts retains 5%. Realty Income also acquired a preferred-equity investment connected to the venture.
Note: “Owning Bellagio” can refer either to owning the company that operates the resort or owning the physical real estate. This distinction explains why some sources name MGM Resorts while others name Blackstone or the real-estate venture.
MGM Resorts International
MGM Resorts International is the company guests interact with when they book a Bellagio room, check in, dine at the resort, visit the casino, buy show tickets, or use MGM Rewards. MGM is responsible for the resort’s daily management, staffing, marketing, entertainment, maintenance, and capital improvements.
MGM’s current Bellagio fact sheet describes Bellagio as an indirect wholly owned subsidiary of MGM Resorts International. That statement refers to the operating company rather than full ownership of the underlying land and buildings.
The same fact sheet lists 3,933 guest rooms and an original development cost of $1.6 billion. Bellagio remains part of MGM’s Las Vegas resort portfolio alongside properties such as MGM Grand, Mandalay Bay, ARIA, The Cosmopolitan, Park MGM, and New York-New York.
Blackstone Real Estate Income Trust
Blackstone’s connection to Bellagio is primarily through Blackstone Real Estate Income Trust, commonly called BREIT. BREIT is the real-estate investment vehicle that led the 2019 purchase of Bellagio’s real estate from MGM Resorts.
The transaction did not transfer day-to-day hotel or casino management to Blackstone. Instead, MGM leased the property back and continued running Bellagio. This is known as a sale-leaseback: a business sells real estate to unlock capital, then leases the same property so its operations can continue.
In 2023, BREIT transferred part of its economic interest to Realty Income. Following that closing, BREIT retained a 73.1% indirect property interest.
History of the Bellagio Hotel
| Year | Event |
|---|---|
| 1998 | Bellagio opens on October 15 at a reported original cost of $1.6 billion. “O” by Cirque du Soleil premieres the same day. |
| 2000 | MGM Grand Inc. acquires Mirage Resorts, bringing Bellagio into the company that later became MGM Resorts International. |
| 2004 | Bellagio’s Spa Tower opens on December 23. |
| 2011 | Bellagio begins a $70 million redesign of 2,568 rooms in its main resort tower. |
| 2018 | Bellagio reaches its 20th anniversary. |
| 2019 | A BREIT-led venture acquires Bellagio’s real estate for $4.25 billion. MGM retains a 5% interest and leases the property back. |
| 2023 | Realty Income invests approximately $950 million and acquires a 21.9% indirect property interest. BREIT retains 73.1%, and MGM retains 5%. |
| 2026 | MGM’s latest annual filing continues to report that it leases Bellagio’s real estate from a venture in which MGM has a 5% interest. |
Developer Steve Wynn and Mirage Resorts built Bellagio on the former site of the Dunes hotel and casino. The resort took inspiration from Bellagio, Italy, on Lake Como. It opened on October 15, 1998, and quickly became known for the Fountains of Bellagio, its seasonal Conservatory & Botanical Gardens, its fine-art program, and the aquatic production “O.”
The lobby’s glass installation, Fiori di Como, was created by Dale Chihuly. Its art, dining, entertainment, and resort design helped establish Bellagio as one of the Strip’s leading luxury properties.
Bellagio Ownership Changes Explained
Bellagio’s ownership history includes two transactions that are often confused.
MGM’s acquisition of Mirage Resorts in 2000
In May 2000, MGM Grand Inc. acquired Mirage Resorts, the company that owned Bellagio. The transaction had an equity value of approximately $4.4 billion, and MGM also assumed about $2 billion of Mirage debt.
The $4.4 billion figure was therefore not the price of Bellagio by itself. It covered the acquisition of Mirage Resorts and its broader portfolio. After the deal, the combined company was called MGM MIRAGE. It adopted the MGM Resorts International name in 2010.
The 2019 Bellagio sale-leaseback
In November 2019, MGM and BREIT completed a $4.25 billion sale-leaseback involving Bellagio’s real estate. The original venture was 95% owned by BREIT and 5% owned by MGM.
MGM did not stop operating Bellagio. It signed a long-term lease and remained responsible for the resort’s day-to-day business and capital spending.
The 2019 transaction changed who owned most of Bellagio’s real estate, not who welcomed guests, ran the casino, managed the hotel, or operated the resort.
Current Bellagio Ownership Structure
The latest publicly disclosed common-equity ownership breakdown for Bellagio’s real estate is shown below.
| Company | Role and disclosed interest |
|---|---|
| MGM Resorts International | Operates the hotel and casino, owns the Bellagio operating subsidiary, and retains a 5% interest in the real estate. |
| Blackstone Real Estate Income Trust | Retains a 73.1% indirect interest in the real estate following the 2023 Realty Income transaction. |
| Realty Income | Holds a 21.9% indirect common-equity interest and also made a $650 million preferred-equity investment in the venture. |
Realty Income’s approximately $950 million investment closed in October 2023. Of that amount, approximately $300 million funded its common-equity interest, while approximately $650 million funded a yield-bearing preferred-equity interest.
How the Bellagio Lease Works
MGM’s lease began in November 2019. Its initial term is 30 years, and MGM has options for two additional 10-year renewal periods. This gives MGM the ability to operate the property for as long as 50 years under the lease structure.
The lease is described as a triple-net lease. In practical terms, MGM is responsible for the resort’s operations and substantially all property-related costs, including maintenance, insurance, taxes, utilities, and required capital spending, in addition to rent.
This division lets the real-estate owners receive lease income while MGM continues using Bellagio as a central part of its Las Vegas business.
How Ownership Affects Bellagio Guests
The real-estate ownership structure normally has little effect on a guest’s stay. MGM remains the company responsible for:
- Room reservations and check-in
- Casino operations
- Restaurants, bars, shops, and entertainment
- MGM Rewards earning and redemption
- Staffing and customer service
- Maintenance, renovations, and capital improvements
- Security and regulatory compliance
A guest booking Bellagio is still booking an MGM Resorts property. The names BREIT and Realty Income generally appear in investment, lease, and property-ownership documents rather than in the normal reservation process.
Why Different Sources Name Different Bellagio Owners
Different answers usually result from different definitions of ownership:
- A hotel website may name MGM because MGM owns the operating subsidiary and manages the resort.
- A real-estate article may name Blackstone or BREIT because BREIT holds the largest indirect interest in the land and buildings.
- A more recent investment report may also name Realty Income because it acquired a 21.9% indirect property interest in 2023.
The most complete answer is therefore that MGM operates Bellagio, while BREIT, Realty Income, and MGM hold the disclosed interests in its real estate.
Potential Future Ownership
Interests in the Bellagio real-estate venture could be sold or reorganized in the future, just as BREIT transferred part of its interest to Realty Income in 2023. However, a transfer of an investment interest would not automatically mean that Bellagio’s hotel and casino operation would change hands.
MGM’s annual report filed in February 2026 continues to describe Bellagio as a leased property operated by MGM under the long-term Bellagio agreement. Any material change would normally be disclosed through company announcements or regulatory filings.
Bellagio Hotel’s Role in Las Vegas
Bellagio remains an important part of the Las Vegas Strip because it combines lodging, gaming, dining, art, retail, and entertainment in one resort. MGM’s 2026 property information lists 3,933 rooms, while the resort’s best-known attractions include the Fountains of Bellagio, the Conservatory & Botanical Gardens, Bellagio Gallery of Fine Art, and “O” by Cirque du Soleil.
The resort is located at 3600 Las Vegas Boulevard South, near the center of the Strip. Its lake and fountain frontage make it a major pedestrian attraction even for visitors who are not staying at the hotel.
International visitors preparing for a Bellagio stay may also find this guide to universal travel adapters helpful when packing electronics.
Competition and Collaboration With Other Las Vegas Hotels
Bellagio competes with other luxury Strip resorts, including Wynn Las Vegas, The Venetian, Fontainebleau, and high-end properties within MGM’s own portfolio. Competition encourages resorts to update rooms, introduce new restaurants, book major entertainment, and improve loyalty benefits.
At the same time, Bellagio benefits from MGM’s wider network. MGM Rewards members can earn and use eligible benefits across participating MGM properties, and the company can coordinate marketing, entertainment, conventions, and guest services among its Las Vegas resorts.
The Future of the Bellagio Hotel Las Vegas
Bellagio’s long-term lease gives MGM a strong incentive to maintain the property and protect the value of the brand. The triple-net structure also places responsibility for operations, upkeep, and required capital spending with MGM rather than with the passive real-estate investors.
Future changes may involve renovations, new dining concepts, updated entertainment, or transfers of investment interests. Unless the operating arrangement itself changes, guests should continue to experience Bellagio as an MGM Resorts property.
Frequently Asked Questions
Who owns the Bellagio Hotel in Las Vegas?
MGM Resorts International operates Bellagio and owns its operating subsidiary. Based on the latest disclosed transaction, Bellagio’s real estate is owned indirectly by BREIT at 73.1%, Realty Income at 21.9%, and MGM Resorts at 5%.
Does Blackstone own Bellagio?
Blackstone is connected to Bellagio through Blackstone Real Estate Income Trust. BREIT holds the largest disclosed indirect interest in the resort’s real estate, but it does not run the hotel or casino.
What part of Bellagio does Realty Income own?
Realty Income acquired a 21.9% indirect common-equity interest in Bellagio’s real estate in 2023. It also acquired a $650 million preferred-equity interest connected to the property-owning venture.
Who operates Bellagio day to day?
MGM Resorts International operates Bellagio. MGM manages the hotel, casino, employees, reservations, restaurants, entertainment, maintenance, and guest services.
When was the Bellagio Hotel built?
Construction began in 1996, and Bellagio opened on October 15, 1998. MGM’s current fact sheet lists its original development cost as $1.6 billion.
What is the address of the Bellagio Hotel?
Bellagio is located at 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, United States.
What are Bellagio’s best-known attractions?
Bellagio is known for its fountains, Conservatory & Botanical Gardens, Gallery of Fine Art, Dale Chihuly’s Fiori di Como installation, and the aquatic Cirque du Soleil production O.
Can Bellagio guests use MGM Rewards?
Yes. Bellagio is operated by MGM Resorts and participates in MGM Rewards, subject to the program’s current earning, redemption, and benefit rules.
Sources
- MGM Resorts: Bellagio Fact Sheet 2026 — opening date, original cost, address, room count, operating-company information, and property features.
- MGM Resorts International 2025 Form 10-K — current Bellagio lease, MGM’s 5% venture interest, lease term, and renewal provisions.
- MGM Resorts and BREIT: 2019 Bellagio Sale-Leaseback Closing — $4.25 billion transaction and original 95%/5% venture.
- BREIT: Realty Income’s 2023 Bellagio Investment — current disclosed 73.1%, 21.9%, and 5% property interests.
- MGM MIRAGE SEC Filing — MGM’s 2000 acquisition of Mirage Resorts and the transaction value.
- Cirque du Soleil: O at Bellagio — confirmation that O premiered with Bellagio on October 15, 1998.