How Much of the Strip Does VICI Properties Own?

I read in News that Vici Properties now owns Mandalay Bay and MGM Grand in full. Does Vici own everything now? Can you please give us a rundown of what Vici owns and who pays rent and how much?

On the east side of the Strip, Vici owns Venetian/Palazzo, Harrah's, and MGM Grand; on the west Mirage, Caesars Palace, Park MGM, Excalibur, Luxor, New York-New York, and Mandalay Bay.

Vici is the landlord for all these properties, while MGM Resorts and Caesars Entertainment own the operations.

Vici also owns 30-odd other casino properties around the U.S., including Harrah's Laughlin and Lake Tahoe; Harvey's Lake Tahoe; Harrah's in Council Bluffs, North Kansas City, New Orleans, Gulf Coast, Metropolis, Joliet, Atlantic City, and Philadelphia; and several Horseshoes, MGMs, Caesars, and others. More than half of the rent that Vici collects comes from outside of Las Vegas.

As you mention, Vici owned only half of MGM Grand and Mandalay Bay, but it bought the other half from Blackstone recently. Blackstone still owns Bellagio and the Cosmopolitan, whose operations are owned by MGM Resorts.

As to how much rent Vici collects, with the MBay/MGM acquisition, it's nearing $3 billion per year. Breaking down exactly who pays exactly what for each property is beyond what we can do, but here are some examples.

MGM Grand and Mandalay Bay will pay $310 million. Venetian/Palazzo pays $250 million a year. The Mirage, which will be owned by Hard Rock starting tomorrow now that the Gaming Commission approved the sale (on Friday), will pay $90 million.

Vici is a publicly traded company. You can buy its stock and own a piece of all these casino renters. The stock as of this writing is trading around $34.

No part of this answer may be reproduced or utilized in any form or by any means, electronic or mechanical, without the written permission of the publisher.

Have a question that hasn't been answered? Email us with your suggestion.

Missed a Question of the Day?

Have a Question?

Tomorrow's Question

Has Clark County ever considered legalizing prostitution?

Comments

Kevin Lewis Dec-18-2022

Appropriate name

"Vici" is Latin for "I conquered," as in "veni, vidi, vici."

gaattc2001 Dec-18-2022

If they own Harrah's Laughlin....

that might explain the parking deck elevators.

Reno Faoro Dec-18-2022

VICI

BALLY'S opened  'THE HORSESHOE' THIS WEEK- old barbary coast  , and also  owns the TROPICANA .

Donzack Dec-18-2022

Boats

Including the riverboats attached to the property?

Roy Furukawa Dec-18-2022

The Long Run

This will end up being a bad thing for the customer over time. All of these investment firms/REITs end up finding every way to fleece the tenants of the property and that will just end up being passed on to... we-all-know-who.

VegasROX Dec-18-2022

Reno, ???

Reno, Ballys name was changed to Horseshoe, it's owned by Eldorado, AKA Caesars. Old Barbary Coast has been The Cromwell, for years and is same ownership. The COMPANY "BALLY'S" owns The Tropicana and it is highly expected to rename it Ballys very soon. We shall see if that happens or if a baseball stadium gets build there. Hope not, but one of the rumors. I know, lots to try to keep up with.

JCCoryell Dec-23-2022

Rent seeking ripoff

Selling off the building and land under it for some quick cash and then paying rent going forward is a greedy corporate scam that hurts municipalities, employees and consumers.  The corporations know they may be bought out tomorrow so why not cash out today and too hell with whomever it hurts.  Phil Ruffin was quoted as saying he has no interest in paying rent.  He is an old world businessman who is in it for the long haul. Too bad everyone else is just out to squeeze every last penny until the empire crashes down

Question of the Day - 18 December 2022

Comments