Sources familiar with the situation tell TMZ ... LVP dropped around $5 million on the new pad in the Vegas area last week. We're told she toured the property just days after returning from filming Season 2 of Hulu's "Vanderpump Villa" in Europe, and closed on the house 3 days later.

The luxurious new pad sits on a golf course and features a massive pool with breathtaking desert views. Our sources tell us Lisa’s already settled in and has the place decorated to her taste.

Despite the new Vegas digs, we're told Lisa’s keeping her iconic Beverly Hills estate, Villa Rosa. She’s been splitting her time between L.A. and Vegas, frequently flying back and forth ... so, it only made sense for her to put down roots in Sin City.

Lisa’s Vegas presence is stronger than ever ... as she’s been spending a lot of time in the city while putting the finishing touches on her 3rd Las Vegas venue, Pinky’s by Vanderpump. The new hotspot is set to open next month at the Flamingo Las Vegas.

Lisa also has Vanderpump à Paris and Vanderpump Cocktail Garden as part of her deal with Caesars.

Locals tell us they’ve overheard her telling people just how much she’s fallen in love with the city.

With a new home and another new venue soon, Lisa continues cementing herself as a major player in the Vegas hospitality scene.