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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables detail our debt obligations as of December 31, 2024 and 2023:
($ In thousands)December 31, 2024
Description of DebtMaturityInterest RatePrincipal Amount
Carrying Value (1)
2022 Revolving Credit Facility (2)
USD Borrowings (3)
March 31, 2026
SOFR + 0.85%
$— $— 
CAD Borrowings (3)
March 31, 2026
CORRA + 0.85%
130,698 130,698 
GBP Borrowings (3)
March 31, 2026
SONIA + 0.85%
18,148 18,148 
MGM Grand/Mandalay Bay CMBS DebtMarch 5, 20323.558%3,000,000 2,800,544 
2025 Maturities
4.375% Notes
May 15, 20254.375%500,000 499,419 
4.625% Notes
June 15, 20254.625%800,000 797,059 
2026 Maturities
4.500% Notes
September 1, 20264.500%500,000 491,532 
4.250% Notes
December 1, 20264.250%1,250,000 1,244,469 
2027 Maturities
5.750% Notes
February 1, 20275.750%750,000 754,588 
3.750% Notes
February 15, 20273.750%750,000 746,438 
2028 Maturities
4.500% Notes
January 15, 20284.500%350,000 342,214 
4.750% Notes
February 15, 2028
4.516% (4)
1,250,000 1,242,110 
2029 Maturities
3.875% Notes
February 15, 20293.875%750,000 702,707 
4.625% Notes
December 1, 20294.625%1,000,000 992,132 
2030 Maturities
4.950% Notes
February 15, 2030
4.541% (4)
1,000,000 991,080 
4.125% Notes
August 15, 20304.125%1,000,000 991,609 
2031 Maturities
5.125% Notes
November 15, 2031
4.969% (4)
750,000 740,527 
2032 Maturities
5.125% Notes
May 15, 2032
3.980% (4)
1,500,000 1,484,876 
2034 Maturities
5.750% Notes
April 1, 2034
5.689% (4)
550,000 540,986 
2052 Maturities
5.625% Notes
May 15, 20525.625%750,000 736,348 
2054 Maturities
6.125% Notes
April 1, 20546.125%500,000 485,405 
Total Debt
4.413% (5)
$17,098,846 $16,732,889 
($ In thousands)December 31, 2023
Description of DebtMaturityInterest RatePrincipal Amount
Carrying Value (1)
2022 Revolving Credit Facility (2)
USD Borrowings (3)
March 31, 2026
SOFR + 1.05%
$— $— 
CAD Borrowings (3)
March 31, 2026
CDOR + 1.05%
162,346 162,346 
GBP Borrowings (3)
March 31, 2026
SONIA + 1.05%
11,458 11,458 
MGM Grand/Mandalay Bay CMBS DebtMarch 5, 20323.56%3,000,000 2,773,758 
2024 Maturities
5.625% Notes
May 1, 20245.625%1,050,000 1,051,280 
2025 Maturities
3.500% Notes
February 15, 20253.500%750,000 747,364 
4.375% Notes
May 15, 20254.375%500,000 497,864 
4.625% Notes
June 15, 20254.625%800,000 790,641 
2026 Maturities
4.500% Notes
September 1, 20264.500%500,000 486,520 
4.250% Notes
December 1, 20264.250%1,250,000 1,241,678 
2027 Maturities
5.750% Notes
February 1, 20275.750%750,000 756,800 
3.750% Notes
February 15, 20273.750%750,000 744,762 
2028 Maturities
4.500% Notes
January 15, 20284.500%350,000 339,689 
4.750% Notes
February 15, 2028
4.516% (4)
1,250,000 1,239,594 
2029 Maturities
3.875% Notes
February 15, 20293.875%750,000 691,692 
4.625% Notes
December 1, 20294.625%1,000,000 990,531 
2030 Maturities
4.950% Notes
February 15, 2030
4.541% (4)
1,000,000 989,347 
4.125% Notes
August 15, 20304.125%1,000,000 $990,111 
2032 Maturities
5.125% Notes
May 15, 2032
3.980% (4)
1,500,000 1,482,836 
2052 Maturities
5.625% Notes
May 15, 20525.625%750,000 735,854 
Total Debt
4.351% (5)
$17,123,804 $16,724,125 
____________________
(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.
(2)Subsequent to year end, on February 3, 2025, we terminated the 2022 Revolving Credit Facility and the 2022 Credit Agreement, and entered into the Credit Agreement providing for the Revolving Credit Facility, as described below.
(3)Borrowings under the 2022 Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR (or Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), as applicable), depending on our credit ratings and total leverage ratio with an additional 0.10% adjustment for SOFR term loans and 0.29547% for CORRA daily simple loans, as applicable. Additionally, the commitment fees under the 2022 Revolving Credit Facility were calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, depending on our credit ratings and total leverage ratio. For the year ended December 31, 2024, the weighted average commitment fees for the 2022 Revolving Credit Facility was 0.240%.
(4)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes (as defined below) and maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively, the contractual interest rate on the March 2024 Notes (as defined below) maturing 2034 is 5.750% and the contractual interest rates on the December 2024 Notes (as defined below) maturing 2031 is 5.125%.
(5)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of December 31, 2024, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.56%.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule
The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2024:
(In thousands)Future Minimum Payments
2025$1,300,000 
2026 (1)
1,898,846 
20271,500,000 
20281,600,000 
20291,750,000 
Thereafter9,050,000 
Total minimum repayments$17,098,846 
____________________
(1)Subsequent to year end, on February 3, 2025, we terminated the 2022 Revolving Credit Facility and the 2022 Credit Agreement, and entered into the Credit Agreement providing for the Revolving Credit Facility scheduled to mature on February 3, 2029, as described below.