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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-term debt consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Macau Related: |  |  |
WM Cayman II Revolver, due 2025(1) | $ | 1,497,610 |  |  | $ | 1,500,473 |
WML 4 7/8% Senior Notes, due 2024 | 600,000 |  |  | 600,000 |
WML 5 1/2% Senior Notes, due 2026 | 1,000,000 |  |  | 1,000,000 |
WML 5 1/2% Senior Notes, due 2027 | 750,000 |  |  | 750,000 |
WML 5 5/8% Senior Notes, due 2028 | 1,350,000 |  |  | 1,350,000 |
WML 5 1/8% Senior Notes, due 2029 | 1,000,000 |  |  | 1,000,000 |
WML 4 1/2% Convertible Bonds, due 2029(2) | 600,000 |  |  | — |
U.S. and Corporate Related: |  |  |
WRF Credit Facilities(3): |  |  |
WRF Term Loan, due 2024 | 73,683 |  |  | 837,500 |
WRF Term Loan, due 2027 | 730,692 |  |  | — |
WLV 4 1/4% Senior Notes, due 2023 | — |  |  | 500,000 |
WLV 5 1/2% Senior Notes, due 2025 | 1,380,001 |  |  | 1,780,000 |
WLV 5 1/4% Senior Notes, due 2027 | 880,000 |  |  | 880,000 |
WRF 7 3/4% Senior Notes, due 2025 | — |  |  | 600,000 |
WRF 5 1/8% Senior Notes, due 2029 | 750,000 |  |  | 750,000 |
WRF 7 1/8% Senior Notes, due 2031 | 600,000 |  |  | — |
Retail Term Loan, due 2025(4) | 615,000 |  |  | 615,000 |
| 11,826,986 |  |  | 12,162,973 |
WML Convertible Bond Conversion Option Derivative | 73,744 |  |  | — |
Less: Unamortized debt issuance costs and original issue discounts and premium, net | (162,393) |  |  | (46,114) |
| 11,738,337 |  |  | 12,116,859 |
Less: Current portion of long-term debt | (709,593) |  |  | (547,543) |
Total long-term debt, net of current portion | $ | 11,028,744 |  |  | $ | 11,569,316 |
(1)As of December 31, 2023, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or HIBOR, in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $312.5 million and $1.19 billion of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of December 31, 2023 and 2022, the weighted average interest rate was approximately 7.20% and 7.30%, respectively. As of December 31, 2023, the WM Cayman II Revolver was fully drawn. (2)As of December 31, 2023, the net carrying amount of the WML Convertible Bonds was $479.5 million, with unamortized debt discount and debt issuance costs of $120.5 million. The Company recorded contractual interest expense of $22.1 million and amortization of discounts and issuance costs of $14.2 million during the year ended December 31, 2023. (3)The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of December 31, 2023 and 2022, the weighted average interest rate was approximately 7.21% and 6.14%, respectively. Additionally, as of December 31, 2023, the available borrowing capacity under the WRF Revolver was $736.5 million, net of $13.5 million in outstanding letters of credit. (4)The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80% per year. As of December 31, 2023 and 2022, the effective interest rate was 5.47% and 5.45%, respectively.
Scheduled Maturities of Long-Term Debt | Scheduled maturities of long-term debt as of December 31, 2023 were as follows (in thousands):
Years Ending December 31, |
2024 | $ | 711,154 |
2025 | 3,530,083 |
2026 | 1,037,471 |
2027 | 2,248,278 |
2028 | 1,350,000 |
Thereafter | 2,950,000 |
| 11,826,986 |
WML Convertible Bond Conversion Option Derivative | 73,744 |
Unamortized debt issuance costs and original issue discounts and premium, net | (162,393) |
| $ | 11,738,337 |

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