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v3.25.3

Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables detail our debt obligations as of September 30, 2025 and December 31, 2024:
($ In thousands) |  | September 30, 2025
Description of Debt |  | Maturity |  | Interest Rate |  | Principal Amount |  | Carrying Value (1)
Revolving Credit Facility |  |  |  |  |  |  |  |
USD Borrowings (2) |  | February 3, 2029 |  | SOFR + 0.85% |  | $ | — |  |  | $ | — |
CAD Borrowings (2) |  | February 3, 2029 |  | CORRA + 0.85% |  | 125,720 |  |  | 125,720 |
GBP Borrowings (2) |  | February 3, 2029 |  | SONIA + 0.85% |  | 22,186 |  |  | 22,186 |
MGM Grand/Mandalay Bay CMBS Debt |  | March 5, 2032 |  | 3.558% |  | 3,000,000 |  |  | 2,820,693 |
2026 Maturities |  |  |  |  |  |  |  |
4.500% Notes |  | September 1, 2026 |  | 4.500% |  | 500,000 |  |  | 495,325 |
4.250% Notes |  | December 1, 2026 |  | 4.250% |  | 1,250,000 |  |  | 1,246,671 |
2027 Maturities |  |  |  |  |  |  |  |
5.750% Notes |  | February 1, 2027 |  | 5.750% |  | 750,000 |  |  | 752,932 |
3.750% Notes |  | February 15, 2027 |  | 3.750% |  | 750,000 |  |  | 747,695 |
2028 Maturities |  |  |  |  |  |  |  |
4.500% Notes |  | January 15, 2028 |  | 4.500% |  | 350,000 |  |  | 344,119 |
4.750% Notes |  | February 15, 2028 |  | 4.516% (3) |  | 1,250,000 |  |  | 1,244,001 |
4.750% Notes |  | April 1, 2028 |  | 4.750% |  | 400,000 |  |  | 396,683 |
2029 Maturities |  |  |  |  |  |  |  |
3.875% Notes |  | February 15, 2029 |  | 3.875% |  | 750,000 |  |  | 711,083 |
4.625% Notes |  | December 1, 2029 |  | 4.625% |  | 1,000,000 |  |  | 993,332 |
2030 Maturities |  |  |  |  |  |  |  |
4.950% Notes |  | February 15, 2030 |  | 4.541% (3) |  | 1,000,000 |  |  | 992,381 |
4.125% Notes |  | August 15, 2030 |  | 4.125% |  | 1,000,000 |  |  | 992,728 |
2031 Maturities |  |  |  |  |  |  |  |
5.125% Notes |  | November 15, 2031 |  | 4.969% (3) |  | 750,000 |  |  | 741,481 |
2032 Maturities |  |  |  |  |  |  |  |
5.125% Notes |  | May 15, 2032 |  | 3.980% (3) |  | 1,500,000 |  |  | 1,486,407 |
2034 Maturities |  |  |  |  |  |  |  |
5.750% Notes |  | April 1, 2034 |  | 5.689% (3) |  | 550,000 |  |  | 541,713 |
2035 Maturities |  |  |  |  |  |  |  |
5.625% Notes |  | April 1, 2035 |  | 5.601% (3) |  | 900,000 |  |  | 885,018 |
2052 Maturities |  |  |  |  |  |  |  |
5.625% Notes |  | May 15, 2052 |  | 5.625% |  | 750,000 |  |  | 736,718 |
2054 Maturities |  |  |  |  |  |  |  |
6.125% Notes |  | April 1, 2054 |  | 6.125% |  | 500,000 |  |  | 485,774 |
Total Debt |  |  |  | 4.466% (4) |  | $ | 17,097,906 |  |  | $ | 16,762,660 |
($ In thousands) |  | December 31, 2024
Description of Debt |  | Maturity |  | Interest Rate |  | Principal Amount |  | Carrying Value (1)
2022 Revolving Credit Facility |  |  |  |  |  |  |  |
USD Borrowings (2) |  | March 31, 2026 |  | SOFR + 0.85% |  | $ | — |  |  | $ | — |
CAD Borrowings (2) |  | March 31, 2026 |  | CORRA + 0.85% |  | 130,698 |  |  | 130,698 |
GBP Borrowings (2) |  | March 31, 2026 |  | SONIA + 0.85% |  | 18,148 |  |  | 18,148 |
MGM Grand/Mandalay Bay CMBS Debt |  | March 5, 2032 |  | 3.558% |  | 3,000,000 |  |  | 2,800,544 |
2025 Maturities |  |  |  |  |  |  |  |
4.375% Notes |  | May 15, 2025 |  | 4.375% |  | 500,000 |  |  | 499,419 |
4.625% Notes |  | June 15, 2025 |  | 4.625% |  | 800,000 |  |  | 797,059 |
2026 Maturities |  |  |  |  |  |  |  |
4.500% Notes |  | September 1, 2026 |  | 4.500% |  | 500,000 |  |  | 491,532 |
4.250% Notes |  | December 1, 2026 |  | 4.250% |  | 1,250,000 |  |  | 1,244,469 |
2027 Maturities |  |  |  |  |  |  |  |
5.750% Notes |  | February 1, 2027 |  | 5.750% |  | 750,000 |  |  | 754,588 |
3.750% Notes |  | February 15, 2027 |  | 3.750% |  | 750,000 |  |  | 746,438 |
2028 Maturities |  |  |  |  |  |  |  |
4.500% Notes |  | January 15, 2028 |  | 4.500% |  | 350,000 |  |  | 342,214 |
4.750% Notes |  | February 15, 2028 |  | 4.516% (3) |  | 1,250,000 |  |  | 1,242,110 |
2029 Maturities |  |  |  |  |  |  |  |
3.875% Notes |  | February 15, 2029 |  | 3.875% |  | 750,000 |  |  | 702,707 |
4.625% Notes |  | December 1, 2029 |  | 4.625% |  | 1,000,000 |  |  | 992,132 |
2030 Maturities |  |  |  |  |  |  |  |
4.950% Notes |  | February 15, 2030 |  | 4.541% (3) |  | 1,000,000 |  |  | 991,080 |
4.125% Notes |  | August 15, 2030 |  | 4.125% |  | 1,000,000 |  |  | 991,609 |
2031 Maturities |  |  |  |  |  |  |  |
5.125% Notes |  | November 15, 2031 |  | 4.969% (3) |  | 750,000 |  |  | 740,527 |
2032 Maturities |  |  |  |  |  |  |  |
5.125% Notes |  | May 15, 2032 |  | 3.980% (3) |  | 1,500,000 |  |  | 1,484,876 |
2034 Maturities |  |  |  |  |  |  |  |
5.750% Notes |  | April 1, 2034 |  | 5.689% (3) |  | 550,000 |  |  | 540,986 |
2052 Maturities |  |  |  |  |  |  |  |
5.625% Notes |  | May 15, 2052 |  | 5.625% |  | 750,000 |  |  | 736,348 |
2054 Maturities |  |  |  |  |  |  |  |
6.125% Notes |  | April 1, 2054 |  | 6.125% |  | 500,000 |  |  | 485,405 |
Total Debt |  |  |  | 4.413% (4) |  | $ | 17,098,846 |  |  | $ | 16,732,889 |
____________________ (1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2)Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.70% to 1.40% 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. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.10% to 0.30%, depending on our credit ratings and total leverage ratio. For the three and nine months ended September 30, 2025, the commitment fee for the Revolving Credit Facility averaged 0.20%. (3)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) 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%, the contractual interest rate on the December 2024 Notes (as defined below) maturing 2031 is 5.125%, and the contractual interest rate on the April 2025 Notes (as defined below) maturing 2035 is 5.625%. (4)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 (as further described in Note 8 – Derivatives), as applicable. The contractual weighted average interest rate as of September 30, 2025, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.62%.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule | The following table is a schedule of future minimum principal payments of our debt obligations as of September 30, 2025:
(In thousands) |  | Future Minimum Principal Payments
2025 (remaining) |  | $ | — |
2026 |  | 1,750,000 |
2027 |  | 1,500,000 |
2028 |  | 2,000,000 |
2029 |  | 1,897,906 |
2030 |  | 2,000,000 |
Thereafter |  | 7,950,000 |
Total minimum principal payments |  | $ | 17,097,906 |

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