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Leases (Tables) | 12 Months Ended
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Dec. 31, 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:
| Year Ended December 31, |
| 2020 |  |  | 2019 |
| (In thousands) |
Operating lease cost, primarily classified within "General and administrative"(1) | $ | 751,002 |  |  | $ | 143,954 |
Finance lease costs |  |  |  |  |  |  |
Interest expense(2) | $ | (21,320 | ) |  | $ | 1,164 |
Amortization expense |  | 70,476 |  |  |  | 13,341 |
Total finance lease costs | $ | 49,156 |  |  | $ | 14,505 |
(1) | During the years ended December 31, 2020 and 2019, operating lease cost includes $331 million and $42 million related to the Bellagio lease, respectively, and $347 million and $0 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively.
(2) | For the year ended December 31, 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.
Schedule of Supplemental Balance Sheet Information Related to Leases |
| December 31, |
| 2020 |  |  | 2019 |
Supplemental balance sheet information | (In thousands) |
Operating leases |  |  |  |  |  |  |
Operating lease right-of-use assets, net(1) | $ | 8,286,694 |  |  | $ | 4,392,481 |
Operating lease liabilities - current, classified within "Other accrued liabilities" | $ | 31,843 |  |  | $ | 67,473 |
Operating lease liabilities - long-term(2) |  | 8,390,117 |  |  |  | 4,277,970 |
Total operating lease liabilities | $ | 8,421,960 |  |  | $ | 4,345,443 |
Finance leases |  |  |  |  |  |  |
Finance lease right-of-use assets, net, classified within "Property and equipment, net" | $ | 200,980 |  |  | $ | 93,437 |
Finance lease liabilities - current, classified within "Other accrued liabilities" | $ | 80,193 |  |  | $ | 27,975 |
Finance lease liabilities - long-term, classified within "Other long-term obligations" |  | 134,287 |  |  |  | 67,182 |
Total finance lease liabilities | $ | 214,480 |  |  | $ | 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 |
(1) | As of December 31, 2020 and 2019, operating lease right-of-use assets, net included $3.7 billion and $3.7 billion related to the Bellagio lease, respectively and $4.0 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively.
(2) | As of December 31, 2020 and 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 |
| Year Ended December 31, |
| 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities | (In thousands) |
Operating cash outflows from operating leases | $ | 572,186 |  |  | $ | 117,072 |
Operating cash outflows from finance leases |  | 2,956 |  |  |  | 1,164 |
Financing cash outflows from finance leases(1) |  | 34,494 |  |  |  | 10,311 |
ROU assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |
Operating leases | $ | 4,120,955 |  |  | $ | 3,814,115 |
Finance leases |  | 177,085 |  |  |  | 84,934 |
(1) | Included within “Other” within the “Cash flows from financing activities” on the accompanying consolidated statements of cash flows.
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows:
| Operating Leases |  |  | Finance Leases |
Year ending December 31, | (In thousands) |
2021 | $ | 612,823 |  |  | $ | 84,853 |
2022 |  | 616,235 |  |  |  | 72,524 |
2023 |  | 625,365 |  |  |  | 63,717 |
2024 |  | 635,755 |  |  |  | 1,033 |
2025 |  | 644,804 |  |  |  | 517 |
Thereafter |  | 19,801,073 |  |  |  | — |
Total future minimum lease payments |  | 22,936,055 |  |  |  | 222,644 |
Less: Amount of lease payments representing interest |  | (14,514,095 | ) |  |  | (8,164 | )
Present value of future minimum lease payments |  | 8,421,960 |  |  |  | 214,480 |
Less: Current portion |  | (31,843 | ) |  |  | (80,193 | )
Long-term portion of lease liabilities | $ | 8,390,117 |  |  | $ | 134,287 |

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