Leases (Tables)

6 Months Ended

Jun. 30, 2020

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.

	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.

	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

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