Crazy Time: MGM Casinos: MGM Resorts International is one of the most prominent names in the global gaming and hospitality industry. Known for its luxury casino resorts like the Bellagio, MGM Grand, and Mandalay Bay, MGM’s empire stretches far beyond the Las Vegas Strip. But who actually owns MGM casinos today? The answer is layered, involving corporate entities, real estate investment trusts (REITs), major shareholders, and strategic partnerships.
MGM Casinos: This article explores the ownership of MGM casinos from multiple angles — corporate structure, asset ownership, major investors, and international stakes — giving you a comprehensive view of the people and institutions behind the brand.
MGM Casinos: Corporate Structure: MGM Resorts International
MGM Casinos: At the top of the pyramid is MGM Resorts International, a publicly traded company listed on the New York Stock Exchange (NYSE: MGM). It operates as a global hospitality and entertainment company. While it is widely referred to as the owner of many famous casinos, MGM Resorts doesn’t technically “own” all of the properties it operates. Here’s how that works:
The Real Estate Split: Enter VICI Properties
MGM Casinos: In recent years, MGM has sold the real estate of many of its casinos to VICI Properties Inc., a real estate investment trust (REIT) that specializes in casino and hospitality properties. MGM Resorts continues to operate the casinos under long-term lease agreements, but VICI owns the physical buildings and land.
MGM Casinos: This model allows MGM to focus on operations, customer experience, and expansion while reducing capital tied up in real estate.
🧾 Table 1: MGM’s Major U.S. Casino Properties – Operator vs. Owner
| Casino Resort | Location | Operator | Property Owner |
|---|---|---|---|
| Bellagio | Las Vegas, NV | MGM Resorts International | Blackstone REIT |
| MGM Grand | Las Vegas, NV | MGM Resorts International | VICI Properties |
| Mandalay Bay | Las Vegas, NV | MGM Resorts International | VICI Properties |
| New York-New York | Las Vegas, NV | MGM Resorts International | VICI Properties |
| MGM National Harbor | Oxon Hill, MD | MGM Resorts International | MGM Growth / VICI |
| MGM Springfield | Springfield, MA | MGM Resorts International | MGM Resorts |
| Beau Rivage | Biloxi, MS | MGM Resorts International | MGM Resorts |
| Borgata | Atlantic City, NJ | MGM Resorts International | VICI Properties |
The Role of VICI Properties
VICI Properties is a key player in the ownership of MGM casinos. Originally spun off from Caesars Entertainment, VICI has become one of the largest owners of gaming real estate in the U.S.
In 2022, VICI acquired MGM Growth Properties (MGP) — a REIT originally created by MGM Resorts to hold its real estate assets. This acquisition consolidated ownership of most MGM-operated properties under VICI, which now leases them back to MGM Resorts.
Shareholders: Who Owns MGM Resorts Stock?
While MGM Resorts International is a public company, its largest shareholders include both institutional investors and key individuals.
📊 Table 2: Top Institutional Shareholders of MGM Resorts (As of 2024)
| Investor Name | Approx. Stake (%) | Notes |
|---|---|---|
| The Vanguard Group | ~10% | One of the largest asset managers globally |
| BlackRock Inc. | ~8% | Major institutional investor |
| T. Rowe Price Associates | ~6% | Mutual fund giant |
| State Street Corporation | ~4% | ETF and index fund provider |
| Various Hedge Funds | ~10% collectively | Includes Elliott Management, etc. |
These institutions don’t control the day-to-day operations but can influence corporate decisions through shareholder voting and board representation.
International Ownership and Operations
While MGM’s core business is U.S.-based, the company has expanded internationally, most notably through MGM China Holdings, which operates MGM Macau and MGM Cotai in the world’s largest gambling hub: Macau.
🌐 Table 3: MGM International Ventures
| Location | Property | Ownership Stake | Notes |
|---|---|---|---|
| Macau | MGM Macau | 56% (MGM China Holdings) | Remainder publicly traded in Hong Kong |
| Macau | MGM Cotai | 56% (MGM China Holdings) | Opened in 2018, ultra-modern resort |
| Japan (planned) | Osaka IR | 40% (MGM-led consortium) | Selected for Integrated Resort license |
Leadership and Strategic Direction
MGM Resorts is led by Bill Hornbuckle, who became CEO in 2020. Under his leadership, the company has focused on becoming more asset-light (i.e., selling off physical properties), expanding its digital gaming presence, and venturing into international markets.
Summary: Who Really Owns MGM Casinos?
MGM Resorts International operates the brand, manages the day-to-day business, and owns some properties directly. However, the real estate of most flagship casinos is owned by VICI Properties or Blackstone, and the company itself is owned by thousands of shareholders, dominated by large institutional investors.
In essence:
- MGM Resorts International = Operator and brand owner.
- VICI Properties / Blackstone = Real estate owners.
- Shareholders = Ultimate corporate owners of MGM Resorts.
- MGM China / Osaka IR = International interests with partial ownership by local partners.
