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v3.23.1

LEASES (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Components of Lease Costs | Other information. Components of lease costs and other information related to the Company’s leases are:
| Three Months Ended March 31,
| 2023 |  | 2022
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 580,988 |  |  | $ | 271,849 |
Finance lease costs |  |  |
Interest expense | $ | 1,414 |  |  | $ | 893 |
Amortization expense | 17,526 |  |  | 20,157 |
Total finance lease costs | $ | 18,940 |  |  | $ | 21,050 |
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2023 and 2022 related to the Bellagio lease, which is held with a related party.
| Three Months Ended March 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 453,480 |  |  | $ | 211,326 |
Operating cash outflows from finance leases | 1,787 |  |  | 945 |
Financing cash outflows from finance leases(1) | 21,119 |  |  | 22,649 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 4,581 |  |  | $ | 4,480 |
Finance leases | — |  |  | — |
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Supplemental Balance Sheet Information Related to Leases |
| March 31, 2023 |  | December 31, 2022
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 24,403,384 |  |  | $ | 24,530,929 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 56,866 |  |  | $ | 53,981 |
Operating lease liabilities - long-term(2) | 25,145,321 |  |  | 25,149,299 |
Total operating lease liabilities | $ | 25,202,187 |  |  | $ | 25,203,280 |
Finance leases |  |  |
Finance lease ROU assets, net classified within “Property and equipment, net” | $ | 133,031 |  |  | $ | 150,571 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 52,492 |  |  | $ | 72,420 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 87,530 |  |  | 88,181 |
Total finance lease liabilities | $ | 140,022 |  |  | $ | 160,601 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 26 |  | 26
Finance leases | 15 |  | 14
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 5 |  |  | 5 |
(1)As of March 31, 2023 and December 31, 2022, operating lease right-of-use assets, net included $3.5 billion related to the Bellagio lease. (2)As of March 31, 2023 and December 31, 2022, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease.
Finance Lease Maturity | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2023 (excluding the three months ended March 31, 2023) | $ | 1,348,967 |  |  | $ | 56,396 |
2024 | 1,827,193 |  |  | 8,756 |
2025 | 1,856,510 |  |  | 8,255 |
2026 | 1,883,512 |  |  | 7,021 |
2027 | 839,733 |  |  | 6,992 |
Thereafter | 51,965,891 |  |  | 135,187 |
Total future minimum lease payments | 59,721,806 |  |  | 222,607 |
Less: Amount of lease payments representing interest | (34,519,619) |  |  | (82,585) |
Present value of future minimum lease payments | 25,202,187 |  |  | 140,022 |
Less: Current portion | (56,866) |  |  | (52,492) |
Long-term portion of lease liabilities | $ | 25,145,321 |  |  | $ | 87,530 |
Operating Lease Maturity | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2023 (excluding the three months ended March 31, 2023) | $ | 1,348,967 |  |  | $ | 56,396 |
2024 | 1,827,193 |  |  | 8,756 |
2025 | 1,856,510 |  |  | 8,255 |
2026 | 1,883,512 |  |  | 7,021 |
2027 | 839,733 |  |  | 6,992 |
Thereafter | 51,965,891 |  |  | 135,187 |
Total future minimum lease payments | 59,721,806 |  |  | 222,607 |
Less: Amount of lease payments representing interest | (34,519,619) |  |  | (82,585) |
Present value of future minimum lease payments | 25,202,187 |  |  | 140,022 |
Less: Current portion | (56,866) |  |  | (52,492) |
Long-term portion of lease liabilities | $ | 25,145,321 |  |  | $ | 87,530 |

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