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v3.22.2.2

LEASES (Tables) | 9 Months Ended
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Sep. 30, 2022
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 are:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 615,137 |  |  | $ | 201,265 |  |  | $ | 1,375,973 |  |  | $ | 599,219 |
Finance lease costs |  |  |  |  |  |  |
Interest expense(2) | $ | 2,037 |  |  | $ | 1,186 |  |  | $ | 4,741 |  |  | $ | 134 |
Amortization expense | 18,406 |  |  | 17,785 |  |  | 58,056 |  |  | 53,271 |
Total finance lease costs | $ | 20,443 |  |  | $ | 18,971 |  |  | $ | 62,797 |  |  | $ | 53,405 |
(1)The Bellagio lease is held with a related party, as further discussed in Note 14. Operating lease cost includes $83 million for each of the three months ended September 30, 2022 and 2021 and $248 million for each of the nine months ended September 30, 2022 and 2021 related to the Bellagio lease. (2)For the three and nine months ended September 30, 2021, 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 |
| September 30, 2022 |  | December 31, 2021
| (In thousands)
Operating leases |  |  |
Operating lease right-of-use assets, net(1) | $ | 24,655,971 |  |  | $ | 11,492,805 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 50,108 |  |  | $ | 31,706 |
Operating lease liabilities - long-term(2) | 25,144,876 |  |  | 11,802,464 |
Total operating lease liabilities | $ | 25,194,984 |  |  | $ | 11,834,170 |
Finance leases |  |  |
Finance lease right-of-use assets, net classified within “Property and equipment, net” | $ | 168,523 |  |  | $ | 151,909 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 69,862 |  |  | $ | 87,665 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 101,420 |  |  | 75,560 |
Total finance lease liabilities | $ | 171,282 |  |  | $ | 163,225 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 27 |  | 29
Finance leases | 13 |  | 2
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 5 |  |  | 3 |
(1)As of September 30, 2022 and December 31, 2021, operating lease right-of-use assets, net included $3.6 billion related to the Bellagio lease. (2)As of September 30, 2022 and December 31, 2021, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease.
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,
| 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 1,065,498 |  |  | $ | 483,031 |
Operating cash outflows from finance leases | 4,746 |  |  | 3,685 |
Financing cash outflows from finance leases(1) | 69,663 |  |  | 55,815 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 15,538,156 |  |  | $ | 3,388,103 |
Finance leases | 87,840 |  |  | 21,081 |
(1)Included within “Other” within “Cash flows from financing activities” on the 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)
2022 (excluding the nine months ended September 30, 2022) | $ | 440,304 |  |  | $ | 19,062 |
2023 | 1,795,191 |  |  | 72,205 |
2024 | 1,825,515 |  |  | 8,752 |
2025 | 1,855,909 |  |  | 8,250 |
2026 | 1,883,083 |  |  | 7,016 |
Thereafter | 52,805,135 |  |  | 142,179 |
Total future minimum lease payments | 60,605,137 |  |  | 257,464 |
Less: Amount of lease payments representing interest | (35,410,153) |  |  | (86,182) |
Present value of future minimum lease payments | 25,194,984 |  |  | 171,282 |
Less: Current portion | (50,108) |  |  | (69,862) |
Long-term portion of lease liabilities | $ | 25,144,876 |  |  | $ | 101,420 |
Schedule of Finance Lease , Liability Maturity | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2022 (excluding the nine months ended September 30, 2022) | $ | 440,304 |  |  | $ | 19,062 |
2023 | 1,795,191 |  |  | 72,205 |
2024 | 1,825,515 |  |  | 8,752 |
2025 | 1,855,909 |  |  | 8,250 |
2026 | 1,883,083 |  |  | 7,016 |
Thereafter | 52,805,135 |  |  | 142,179 |
Total future minimum lease payments | 60,605,137 |  |  | 257,464 |
Less: Amount of lease payments representing interest | (35,410,153) |  |  | (86,182) |
Present value of future minimum lease payments | 25,194,984 |  |  | 171,282 |
Less: Current portion | (50,108) |  |  | (69,862) |
Long-term portion of lease liabilities | $ | 25,144,876 |  |  | $ | 101,420 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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