XML 49 R33.htm IDEA: XBRL DOCUMENT v3.25.3

Debt (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Subparagraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

+ Details

Name:	srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix:	srt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration