Leases (Tables)

9 Months Ended

Sep. 30, 2020

Other information. Components of lease costs and other information related to the Company’s leases was as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
		2020			2019		2020			2019
	(In thousands)
Operating lease cost, primarily classified within "General and administrative"⁽¹⁾	$	199,166		$	25,520	$	551,807		$	75,777

Finance lease costs
Interest expense⁽²⁾	$	(5,990	)	$	208	$	(19,796	)	$	621
Amortization expense		17,851			2,277		52,495			7,247
Total finance lease costs	$	11,861		$	2,485	$	32,699		$	7,868

(1)	For the three and nine months ended September 30, 2020, operating lease cost includes $83 million and $248 million related to the Bellagio lease, respectively, and $99 million and $248 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively.

(2)	For the three and nine months ended September 30, 2020, interest expense includes the effect of COVID-19 related rent concessions received on certain finance leases, for which such effect was recognized as negative variable rent expense.

	September 30,		December 31,
	2020		2019
Supplemental balance sheet information	(In thousands)
Operating leases
Operating lease right-of-use assets, net⁽³⁾	$	8,330,530	$	4,392,481
Operating lease liabilities - current, classified within "Other accrued liabilities"	$	35,651	$	67,473
Operating lease liabilities - long-term⁽⁴⁾		8,380,341		4,277,970
Total operating lease liabilities	$	8,415,992	$	4,345,443

Finance leases
Finance lease right-of-use assets, net classified within "Property and equipment, net"	$	217,321	$	93,437
Finance lease liabilities - current, classified within "Other accrued liabilities"	$	79,087	$	27,975
Finance lease liabilities - long-term, classified within "Other long-term obligations"		151,472		67,182
Total finance lease liabilities	$	230,559	$	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

(3)	As of September 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.

(4)	As of September 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.

	Nine Months Ended
	September 30,
		2020		2019
Cash paid for amounts included in the measurement of lease liabilities	(In thousands)
Operating cash outflows from operating leases	$	421,932	$	66,562
Operating cash outflows from finance leases		1,741		621
Financing cash outflows from finance leases		19,514		5,533

ROU assets obtained in exchange for new lease liabilities
Operating leases	$	4,120,312	$	45,387
Finance leases		175,446		4,215

Maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases
Year ending December 31, 2020	(In thousands)
2020 (excluding the nine months ended September 30, 2020)	$	152,226		$	28,720
2021		610,886			73,951
2022		615,855			72,240
2023		625,365			63,718
2024		635,755			1,034
Thereafter		20,445,881			517
Total future minimum lease payments		23,085,968			240,180
Less: Amount of lease payments representing interest		(14,669,976	)		(9,621	)
Present value of future minimum lease payments		8,415,992			230,559
Less: Current portion		(35,651	)		(79,087	)
Long-term portion of lease liabilities	$	8,380,341		$	151,472