When considering land ownership on the iconic Las Vegas Strip, Vici Properties stands out as the single largest owner.
Dominance on the Las Vegas Strip
Vici Properties, a leading real estate investment trust (REIT), has amassed an impressive portfolio of prime real estate in Las Vegas. Their extensive holdings make them the dominant landowner, particularly along the world-famous Strip.
Vici Properties' Extensive Portfolio
Vici Properties' strategic acquisitions have solidified its position as the largest landowner on the Las Vegas Strip, controlling over 660 acres of prime real estate. Their portfolio includes ownership of some of the most recognizable properties in the entertainment capital.
Key aspects of Vici's Las Vegas holdings include:
- Full Ownership: They hold full ownership of thirteen significant properties.
- Joint Ownership: Vici also has a half-ownership stake in two prominent resorts:
- MGM Grand Las Vegas
- Mandalay Bay
These acquisitions have significantly boosted Vici's financial performance, adding an estimated $1 billion to its annual revenue.
Understanding Vici's Ownership Model
Vici Properties operates as a REIT, primarily focusing on casino and entertainment real estate. This means they typically own the land and buildings, which they then lease back to major casino operators like MGM Resorts International and Caesars Entertainment. This model provides a steady stream of income through long-term, triple-net lease agreements, where the tenants are responsible for property taxes, insurance, and maintenance.
Key Holdings Overview
To illustrate the breadth of Vici Properties' ownership, here's a summary of their significant stake in Las Vegas's prime real estate:
| Ownership Type | Properties/Land Description |
|---|---|
| Land Owned | Over 660 acres on the Las Vegas Strip |
| Full Property Ownership | Thirteen prominent casino-resort properties |
| Half Property Ownership | MGM Grand Las Vegas, Mandalay Bay resorts |
| Revenue Impact | Annual revenue increase of $1 billion from recent major acquisitions |
This structure allows Vici Properties to capitalize on the valuable land and infrastructure while casino operators manage the complex day-to-day operations and gaming businesses.
For more information on Vici Properties' portfolio and business model, you can visit their official website: Vici Properties
