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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consisted of the following (in thousands):
December 31,
20252024
Macau Related:
WM Cayman II Revolver, due 2028(1)
$1,149,597 $1,151,874 
WML 5 1/2% Senior Notes, due 2026— 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 6 3/4% Senior Notes, due 20341,000,000 — 
WML 4 1/2% Convertible Bonds, due 2029(2)
600,000 600,000 
U.S. and Corporate Related:
WRF Credit Facilities(3):
  WRF Term Loan, due 2027— 763,125 
WRF Term Loan, due 2030752,813 — 
WLV 5 1/4% Senior Notes, due 2027880,000 880,000 
WRF 5 1/8% Senior Notes, due 2029750,000 750,000 
WRF 7 1/8% Senior Notes, due 20311,000,000 1,000,000 
WRF 6 1/4% Senior Notes, due 2033800,000 800,000 
Retail Term Loan, due 2027(4)
600,000 600,000 
10,632,410 10,644,999 
WML Convertible Bond Conversion Option Derivative32,586 33,007 
Less: Unamortized debt issuance costs and original issue discounts and premium, net(118,184)(136,272)
10,546,812 10,541,734 
Less: Current portion of long-term debt(9,410)(41,250)
Total long-term debt, net of current portion$10,537,402 $10,500,484 
(1)As of December 31, 2025, 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 the Hong Kong Interbank Offered Rate ("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 $239.1 million and $910.5 million 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, 2025 and 2024, the weighted average interest rate was approximately 5.10% and 6.43%, respectively. As of December 31, 2025, the available borrowing capacity under the WM Cayman II Revolver was $1.36 billion.
(2)As of December 31, 2025, the net carrying amount of the WML Convertible Bonds was $519.2 million, with unamortized debt discount and debt issuance costs of $80.8 million. The Company recorded contractual interest expense of $27.0 million, $27.0 million, and $22.1 million and amortization of discounts and issuance costs of $20.8 million, $18.9 million, and $14.2 million during the years ended December 31, 2025, 2024, and 2023.
(3)The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75% per year. As of December 31, 2025 and 2024, the weighted average interest rate was approximately 5.47% and 6.21%, respectively. Additionally, as of December 31, 2025, the available borrowing capacity under the WRF Revolver was $1.23 billion, net of $14.3 million in outstanding letters of credit.
(4)As of December 31, 2025 and 2024, the Retail Term Loan bore interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 2.15% and had an effective interest rate of 5.54%.
Scheduled Maturities of Long-Term Debt
Scheduled maturities of long-term debt as of December 31, 2025 were as follows (in thousands):

Years Ending December 31,
2026$9,410 
2027(1)
2,858,231 
20282,537,237 
20291,787,641 
2030639,891 
Thereafter2,800,000 
10,632,410 
WML Convertible Bond Conversion Option Derivative32,586 
Unamortized debt issuance costs and original issue discounts and premium, net(118,184)
$10,546,812 
(1)    Includes the aggregate principal amount of WML Convertible Bonds with a stated maturity date of March 7, 2029, which WML may be required to redeem at the option of bond holders on March 7, 2027.