XML 54 R39.htm IDEA: XBRL DOCUMENT v3.24.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consisted of the following (in thousands):
December 31,
20232022
Macau Related:
WM Cayman II Revolver, due 2025(1)
$1,497,610 $1,500,473 
WML 4 7/8% Senior Notes, due 2024600,000 600,000 
WML 5 1/2% Senior Notes, due 20261,000,000 1,000,000 
WML 5 1/2% Senior Notes, due 2027750,000 750,000 
WML 5 5/8% Senior Notes, due 20281,350,000 1,350,000 
WML 5 1/8% Senior Notes, due 20291,000,000 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 202473,683 837,500 
   WRF Term Loan, due 2027730,692 — 
WLV 4 1/4% Senior Notes, due 2023— 500,000 
WLV 5 1/2% Senior Notes, due 20251,380,001 1,780,000 
WLV 5 1/4% Senior Notes, due 2027880,000 880,000 
WRF 7 3/4% Senior Notes, due 2025— 600,000 
WRF 5 1/8% Senior Notes, due 2029750,000 750,000 
WRF 7 1/8% Senior Notes, due 2031600,000 — 
Retail Term Loan, due 2025(4)
615,000 615,000 
11,826,986 12,162,973 
WML Convertible Bond Conversion Option Derivative73,744 — 
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 
20253,530,083 
20261,037,471 
20272,248,278 
20281,350,000 
Thereafter2,950,000 
11,826,986 
WML Convertible Bond Conversion Option Derivative73,744 
Unamortized debt issuance costs and original issue discounts and premium, net(162,393)
$11,738,337