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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of Components of Lease Costs | Components of lease costs and other information related to the Company’s leases was:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Operating lease cost, primarily classified within "General and administrative"(1) | $ | 870,779 |  |  | $ | 751,002 |  |  | $ | 143,954 |
Finance lease costs |  |  |  |  |
Interest expense(2) | $ | 2,354 |  |  | $ | (21,320) |  |  | $ | 1,164 |
Amortization expense | 73,475 |  |  | 70,476 |  |  | 13,341 |
Total finance lease costs | $ | 75,829 |  |  | $ | 49,156 |  |  | $ | 14,505 |
(1)The Bellagio lease and the Mandalay Bay and MGM Grand Las Vegas lease are held with related parties, as further discussed in Note 18. Operating lease cost includes $331 million for each of the years ended December 31, 2021 and 2020, and $42 million for the year ended December 31, 2019, related to the Bellagio lease. Operating lease cost includes $395 million, $347 million, and $0 for the years ended December 31, 2021, 2020, and December 31, 2019, respectively, related to the Mandalay Bay and MGM Grand Las Vegas lease. (2)For the years ended December 31, 2021 and 2020, interest expense includes the effect of COVID-19 related rent concessions, which was recognized as negative variable rent expense.
Schedule of Supplemental Balance Sheet Information Related to Leases |
| December 31,
| 2021 |  | 2020
Supplemental balance sheet information | (In thousands)
Operating leases |  |  |
Operating lease right-of-use assets, net(1) | $ | 11,492,805 |  | $ | 8,286,694
Operating lease liabilities - current, classified within "Other accrued liabilities" | $ | 31,706 |  | $ | 31,843
Operating lease liabilities - long-term(2) | 11,802,464 |  | 8,390,117
Total operating lease liabilities | $ | 11,834,170 |  | $ | 8,421,960
Finance leases |  |  |
Finance lease right-of-use assets, net, classified within "Property and equipment, net" | $ | 151,909 |  | $ | 200,980
Finance lease liabilities - current, classified within "Other accrued liabilities" | $ | 87,665 |  | $ | 80,193
Finance lease liabilities - long-term, classified within "Other long-term obligations" | 75,560 |  | 134,287
Total finance lease liabilities | $ | 163,225 |  | $ | 214,480
Weighted average remaining lease term (years) |  |  |
Operating leases | 29 |  | 30
Finance leases | 2 |  | 3
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 8 |
Finance leases | 3 |  |  | 3 |
(1)As of December 31, 2021 and 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 December 31, 2021 and 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.2 billion and $4.1 billion related to the Mandalay Bay and MGM Grand Las Vegas 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,
| 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 669,681 |  |  | $ | 572,186 |  |  | $ | 117,072 |
Operating cash outflows from finance leases | 4,761 |  |  | 2,956 |  |  | 1,164 |
Financing cash outflows from finance leases(1) | 73,257 |  |  | 34,494 |  |  | 10,311 |
ROU assets obtained in exchange for new lease liabilities |  |  |  |  |
Operating leases | $ | 3,388,120 |  |  | $ | 4,120,955 |  |  | $ | 3,814,115 |
Finance leases | 24,433 |  |  | 177,085 |  |  | 84,934 |
(1)Included within “Other” within cash flows from financing activities on the 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)
2022 | $ | 838,062 |  |  | $ | 90,633 |
2023 | 850,305 |  |  | 73,568 |
2024 | 862,796 |  |  | 1,747 |
2025 | 876,046 |  |  | 1,253 |
2026 | 885,863 |  |  | 24 |
Thereafter | 26,660,145 |  |  | — |
Total future minimum lease payments | 30,973,217 |  |  | 167,225 |
Less: Amount of lease payments representing interest | (19,139,047) |  |  | (4,000) |
Present value of future minimum lease payments | 11,834,170 |  |  | 163,225 |
Less: Current portion | (31,706) |  |  | (87,665) |
Long-term portion of lease liabilities | $ | 11,802,464 |  |  | $ | 75,560 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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