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LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
 March 31,
2022		 December 31,
2021
 (In thousands)
Operating Partnership senior secured credit facility$— $50,000 
MGM China first revolving credit facility390,697 360,414 
7.75% senior notes, due 2022
— 1,000,000 
6% senior notes, due 2023
1,250,000 1,250,000 
5.625% Operating Partnership senior notes, due 2024
1,050,000 1,050,000 
5.375% MGM China senior notes, due 2024
750,000 750,000 
6.75% senior notes, due 2025
750,000 750,000 
5.75% senior notes, due 2025
675,000 675,000 
4.625% Operating Partnership senior notes, due 2025
800,000 800,000 
5.25% MGM China senior notes, due 2025
500,000 500,000 
5.875% MGM China senior notes, due 2026
750,000 750,000 
4.5% Operating Partnership senior notes, due 2026
500,000 500,000 
4.625% senior notes, due 2026
400,000 400,000 
5.75% Operating Partnership senior notes, due 2027
750,000 750,000 
5.5% senior notes, due 2027
675,000 675,000 
4.75% MGM China senior notes, due 2027
750,000 750,000 
4.5% Operating Partnership senior notes, due 2028
350,000 350,000 
4.75% senior notes, due 2028
750,000 750,000 
3.875% Operating Partnership senior notes, due 2029
750,000 750,000 
7% debentures, due 2036
552 552 
 11,841,249 12,860,966 
Less: Premiums, discounts, and unamortized debt issuance costs, net(84,109)(90,169)
 11,757,140 12,770,797 
Less: Current portion(1,250,000)(1,000,000)
$10,507,140 $11,770,797 

Senior secured credit facility. At March 31, 2022, the Company’s senior secured credit facility consisted of a $1.675 billion revolving credit facility of which no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2022.

Operating Partnership senior secured credit facility. At March 31, 2022, the Operating Partnership senior secured credit facility consisted of a $1.35 billion revolving credit facility of which no amounts were drawn. The Operating Partnership was in compliance with its credit facility covenants at March 31, 2022.

The Operating Partnership terminated its interest rate swap agreements in March 2022.

MGM China first revolving credit facility. At March 31, 2022, the MGM China first revolving credit facility consisted of a $1.25 billion unsecured revolving credit facility. At March 31, 2022, $391 million was drawn on the MGM China first revolving credit facility and the weighted average interest rate was 3.02%.

The MGM China first revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. In February 2022, MGM China further amended its first revolving credit
facility to extend the financial covenant waivers through maturity in May 2024. MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at March 31, 2022.

MGM China second revolving credit facility. At March 31, 2022, the MGM China second revolving credit facility consisted of a $400 million unsecured revolving credit facility with an option to increase the amount of the facility up to $500 million, subject to certain conditions. Draws will be subject to satisfaction of certain conditions precedent, including evidence that the MGM China first revolving credit facility has been fully drawn. At March 31, 2022, no amounts were drawn on the MGM China second revolving credit facility.

The MGM China second revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. In February 2022, MGM China further amended its second revolving credit facility to extend the financial covenant waivers through maturity in May 2024. MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at March 31, 2022.

Senior notes. In March 2022, the Company repaid its $1.0 billion 7.75% notes due 2022 upon maturity.

MGM China senior notes. In March 2021, MGM China issued $750 million in aggregate principal amount of 4.75% senior notes due 2027 at an issue price of 99.97%.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $11.7 billion and $13.4 billion at March 31, 2022 and December 31, 2021, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities.