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Leases (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Schedule of Components of Lease Costs | Other information. Components of lease costs and other information related to the Company’s leases was as follows:
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
|  | 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2019 |
| (In thousands) |
Operating lease cost, primarily classified within "General and administrative"(1) | $ | 200,105 |  |  | $ | 25,909 |  |  | $ | 352,641 |  |  | $ | 50,257 |
Finance lease costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | $ | (12,854 | ) |  | $ | 204 |  |  | $ | (13,806 | ) |  | $ | 412 |
Amortization expense |  | 17,238 |  |  |  | 2,379 |  |  |  | 34,644 |  |  |  | 4,970 |
Total finance lease costs | $ | 4,384 |  |  | $ | 2,583 |  |  | $ | 20,838 |  |  | $ | 5,382 |
(1) | For the three and six months ended June 30, 2020, operating lease cost includes $83 million and $166 million related to the Bellagio lease, respectively, and $99 million and $150 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively.
Schedule of Supplemental Balance Sheet Information Related to Leases |
| June 30, |  |  | December 31, |
| 2020 |  |  | 2019 |
Supplemental balance sheet information | (In thousands) |
Operating leases |  |  |  |  |  |  |
Operating lease right-of-use assets, net(2) | $ | 8,379,607 |  |  | $ | 4,392,481 |
Operating lease liabilities - current, classified within "Other accrued liabilities" | $ | 36,619 |  |  | $ | 67,473 |
Operating lease liabilities - long-term(3) |  | 8,376,770 |  |  |  | 4,277,970 |
Total operating lease liabilities | $ | 8,413,389 |  |  | $ | 4,345,443 |
Finance leases |  |  |  |  |  |  |
Finance lease right-of-use assets, net classified within "Property and equipment, net" | $ | 225,897 |  |  | $ | 93,437 |
Finance lease liabilities - current, classified within "Other accrued liabilities" | $ | 77,312 |  |  | $ | 27,975 |
Finance lease liabilities - long-term, classified within "Other long-term obligations" |  | 160,912 |  |  |  | 67,182 |
Total finance lease liabilities | $ | 238,224 |  |  | $ | 95,157 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |
Operating leases |  | 30 |  |  |  | 31 |
Finance leases |  | 3 |  |  |  | 4 |
Weighted-average discount rate (%) |  |  |  |  |  |  |
Operating leases |  | 8 |  |  |  | 7 |
Finance leases |  | 3 |  |  |  | 3 |
(2) | As of June 30, 2020 and December 31, 2019, operating lease right-of-use assets, net included $3.7 billion and $3.7 billion related to the Bellagio lease, respectively and $4.1 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively.
(3) | As of June 30, 2020 and December 31, 2019, operating lease liabilities – long-term included $3.8 billion and $3.7 billion related to the Bellagio lease, respectively and $4.1 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively.
Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities |
| Six Months Ended |
| June 30, |
|  | 2020 |  |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities | (In thousands) |
Operating cash outflows from operating leases | $ | 273,162 |  |  | $ | 33,921 |
Operating cash outflows from finance leases |  | 865 |  |  |  | 412 |
Financing cash outflows from finance leases |  | 9,459 |  |  |  | 3,208 |
ROU assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |
Operating leases | $ | 4,121,810 |  |  | $ | 40,929 |
Finance leases |  | 167,089 |  |  |  | 4,180 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows:
| Operating Leases |  |  | Finance Leases |
Year ending December 31, 2020 | (In thousands) |
2020 (excluding the six months ended June 30, 2020) | $ | 301,958 |  |  | $ | 46,850 |
2021 |  | 613,280 |  |  |  | 71,240 |
2022 |  | 616,970 |  |  |  | 69,375 |
2023 |  | 625,303 |  |  |  | 61,060 |
2024 |  | 634,548 |  |  |  | — |
Thereafter |  | 20,447,088 |  |  |  | — |
Total future minimum lease payments |  | 23,239,147 |  |  |  | 248,525 |
Less: Amount of lease payments representing interest |  | (14,825,758 | ) |  |  | (10,301 | )
Present value of future minimum lease payments |  | 8,413,389 |  |  |  | 238,224 |
Less: Current portion |  | (36,619 | ) |  |  | (77,312 | )
Long-term portion of lease liabilities | $ | 8,376,770 |  |  | $ | 160,912 |

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