The Company leases the land underlying certain of its properties, real estate, and various equipment under operating and, to a lesser extent, finance lease arrangements. The master lease agreement with MGP is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 18 for further discussion of the master lease with MGP.

Land. The Company is a lessee of land underlying Borgata, MGM National Harbor, and Beau Rivage. The Company is obligated to make lease payments through the non-cancelable term of the ground leases, which is through 2066 for Beau Rivage, through 2070 for Borgata, and through 2082 for MGM National Harbor. Additionally, the Company has MGM Macau and MGM Cotai land concession contracts, each with an initial 25-year contract term ending in April 2031 and January 2038, respectively. The Company’s land leases are classified as operating leases.

Bellagio real estate assets. Pursuant to a lease agreement between a subsidiary of the Company and the Bellagio BREIT Venture, the Company leases the real estate assets of Bellagio from the Bellagio BREIT venture. The Bellagio lease has an initial term of 30 years with two subsequent ten-year renewal periods, exercisable at the Company’s option. The lease provides for initial annual rent of $245 million with a fixed 2% escalator for the first ten years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% during the 11th through 20th years and 4% thereafter. The Company does not consider the renewal options reasonably certain of being exercised and, accordingly, has determined the lease term to be 30 years. In consideration of such, Company determined that the expected lease term of 30 years to be less than 75% of the economic useful live of the real estate assets of Bellagio. Further, the Bellagio BREIT Venture provided its implicit rate to the Company, with which the Company determined that the present value of the future lease payments is less than 90% of the fair market value of the Bellagio real estate assets. Accordingly, in consideration of these lease classification tests as well as that the lease does not transfer ownership of the assets back to the Company at the end of the lease term or grant the Company a purchase option and the real estate assets have alternative uses at the end of the lease term, the Company classified Bellagio lease as an operating lease.

Mandalay Bay and MGM Grand Las Vegas real estate assets. In February 2020, the Company entered into a lease with MGP BREIT Venture for the real estate assets of Mandalay Bay and MGM Grand Las Vegas. Refer to Note 1 for further discussion. The Company is still assessing the accounting treatment for this subsequent event, including that of the lease agreement.

Other information. Components of lease costs and other information related to the Company’s leases was as follows for the year ended December 31, 2019:

	(In thousands)
Operating lease expense cost, primarily classified within "General and administrative"	$	143,954

Finance Lease Costs
Interest expense	$	1,164
Amortization expense		13,341
Total finance lease costs	$	14,505

	December 31, 2019
Supplemental balance sheet information	(In thousands)
Operating leases
Operating lease right-of-use assets	$	4,392,481
Operating lease liabilities - short-term, classified within "Other accrued liabilities"	$	67,473
Operating lease liabilities - long-term		4,277,970
Total operating lease liabilities	$	4,345,443

Finance leases
Finance lease right-of-use assets, classified within "Property and equipment, net"	$	93,437
Finance lease liabilities - short-term, classified within "Other accrued liabilities"	$	27,975
Finance lease liabilities - long-term, classified within "Other long-term obligations"		67,182
Total finance lease liabilities	$	95,157

Weighted-average remaining lease term (years)
Operating leases		31
Finance leases		4

Weighted-average discount rate (%)
Operating leases		7
Finance leases		3

	Year Ended
	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities	(In thousands)
Operating cash outflows from operating leases	$	117,072
Operating cash outflows from finance leases		1,164
Financing cash outflows from finance leases		10,311

ROU assets obtained in exchange for new lease liabilities
Operating leases	$	3,814,115
Finance leases		84,934

	Operating Leases			Finance Leases
Year ending December 31,	(In thousands)
2020	$	345,678		$	30,361
2021		324,281			27,273
2022		313,779			25,427
2023		316,336			17,019
2024		320,642			—
Thereafter		10,066,850			—
Total future minimum lease payments		11,687,566			100,080
Less: Amount of lease payments representing interest		(7,342,123	)		(4,923	)
Present value of future minimum lease payments		4,345,443			95,157
Less: Current portion		(67,473	)		(27,975	)
Long-term lease obligations	$	4,277,970		$	67,182