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Leases (Tables)
 12 Months Ended
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