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LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
 June 30,
2022		 December 31,
2021
 (In thousands)
Operating Partnership senior secured credit facility$— $50,000 
MGM China first revolving credit facility1,155,848 360,414 
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 
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 
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 
4.625% senior notes, due 2026
400,000 400,000 
5.75% Operating Partnership senior notes, due 2027
— 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 
4.75% senior notes, due 2028
750,000 750,000 
3.875% Operating Partnership senior notes, due 2029
— 750,000 
7% debentures, due 2036
552 552 
 8,406,400 12,860,966 
Less: Premiums, discounts, and unamortized debt issuance costs, net(49,245)(90,169)
 8,357,155 12,770,797 
Less: Current portion(1,250,000)(1,000,000)
$7,107,155 $11,770,797 

Senior secured credit facility. At June 30, 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 June 30, 2022.

MGM China first revolving credit facility. At June 30, 2022, the MGM China first revolving credit facility consisted of a $1.25 billion unsecured revolving credit facility. At June 30, 2022, $1.2 billion was drawn on the MGM China first revolving credit facility and the weighted average interest rate was 3.48%.

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 June 30, 2022.

MGM China second revolving credit facility. At June 30, 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 June 30, 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 June 30, 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%.

Operating Partnership senior secured credit facility and Operating Partnership senior notes. In April 2022, the Operating Partnership senior secured credit facility and the senior notes of the Operating Partnership were derecognized in connection with the deconsolidation of MGP as a result of the VICI Transaction. In March 2022, the Operating Partnership terminated its interest rate swap agreements.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $7.5 billion and $13.4 billion at June 30, 2022 and December 31, 2021, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities.