XML 41 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Schedule of Components of Lease Costs and Other Information
Other information. Components of lease costs and other information related to the Company’s leases was as follows:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2021202020212020
 (In thousands)
Operating lease cost, primarily classified within "General and administrative"(1)
$201,265 $199,166 $599,219 $551,807 
Finance lease costs
Interest expense(2)
$1,186 $(5,990)$134 $(19,796)
Amortization expense17,785 17,851 53,271 52,495 
Total finance lease costs$18,971 $11,861 $53,405 $32,699 
(1)The Bellagio lease and the Mandalay Bay and MGM Grand Las Vegas lease are held with related parties, as further discussed in Note 13. Operating lease cost includes $83 million for each of the three months ended September 30, 2021 and 2020 and, $248 million for each of the nine months ended September 30, 2021 and 2020 related to the Bellagio lease. Operating lease cost includes $99 million for each of the three months ended September 30, 2021 and 2020 and $296 million and $248 million for the nine months ended September 30, 2021 and 2020, respectively, related to the Mandalay Bay and MGM Grand Las Vegas lease.
(2)For the three and nine months ended September 30, 2021 and 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
 September 30,
2021		December 31,
2020
Supplemental balance sheet information (In thousands)
Operating leases
Operating lease right-of-use assets, net(1)
$11,551,415 $8,286,694 
Operating lease liabilities - current, classified within "Other accrued liabilities"$31,632 $31,843 
Operating lease liabilities - long-term(2)
11,775,109 8,390,117 
Total operating lease liabilities$11,806,741 $8,421,960 
Finance leases
Finance lease right-of-use assets, net classified within "Property and equipment, net"$168,886 $200,980 
Finance lease liabilities - current, classified within "Other accrued liabilities"$84,298 $80,193 
Finance lease liabilities - long-term, classified within "Other long-term obligations"91,879 134,287 
Total finance lease liabilities$176,177 $214,480 
Weighted-average remaining lease term (years)
Operating leases2930
Finance leases23
Weighted-average discount rate (%)
Operating leases7 8 
Finance leases3 3 
(1)As of September 30, 2021 and December 31, 2020, operating lease right-of-use assets, net included $3.6 billion and $3.7 billion related to the Bellagio lease, respectively, and $4.0 billion related to the Mandalay Bay and MGM Grand Las Vegas lease for each of the respective periods.
(2)As of September 30, 2021 and December 31, 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.1 billion related to the Mandalay Bay and MGM Grand Las Vegas lease for each of the respective periods.
Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities
 Nine Months Ended
September 30,
 20212020
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$483,031 $421,932 
Operating cash outflows from finance leases3,685 1,741 
Financing cash outflows from finance leases(1)
55,815 19,514 
ROU assets obtained in exchange for new lease liabilities
Operating leases$3,388,103 $4,120,312 
Finance leases21,081 175,446 
(1)Included within “Other” within the “Cash flows from financing activities” on the accompanying consolidated statements of cash flows.
Schedule of Operating Lease, Liability Maturity
Maturities of lease liabilities were as follows:

 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2021 (excluding the nine months ended September 30, 2021)$187,052 $24,688 
2022836,616 81,942 
2023849,198 72,871 
2024863,096 1,029 
2025876,445 514 
Thereafter27,580,105 — 
Total future minimum lease payments31,192,512 181,044 
Less: Amount of lease payments representing interest(19,385,771)(4,867)
Present value of future minimum lease payments11,806,741 176,177 
Less: Current portion(31,632)(84,298)
Long-term portion of lease liabilities$11,775,109 $91,879 
Schedule of Finance Lease , Liability Maturity
Maturities of lease liabilities were as follows:

 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2021 (excluding the nine months ended September 30, 2021)$187,052 $24,688 
2022836,616 81,942 
2023849,198 72,871 
2024863,096 1,029 
2025876,445 514 
Thereafter27,580,105 — 
Total future minimum lease payments31,192,512 181,044 
Less: Amount of lease payments representing interest(19,385,771)(4,867)
Present value of future minimum lease payments11,806,741 176,177 
Less: Current portion(31,632)(84,298)
Long-term portion of lease liabilities$11,775,109 $91,879