XML 40 R28.htm IDEA: XBRL DOCUMENT v3.23.1
LEASES (Tables)
3 Months Ended
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,
 20232022
 (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 expense17,526 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,
 20232022
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 leases1,787 945 
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 leases2626
Finance leases1514
Weighted average discount rate (%)
Operating leases
Finance leases
(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 
20241,827,193 8,756 
20251,856,510 8,255 
20261,883,512 7,021 
2027839,733 6,992 
Thereafter51,965,891 135,187 
Total future minimum lease payments59,721,806 222,607 
Less: Amount of lease payments representing interest(34,519,619)(82,585)
Present value of future minimum lease payments25,202,187 140,022 
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 
20241,827,193 8,756 
20251,856,510 8,255 
20261,883,512 7,021 
2027839,733 6,992 
Thereafter51,965,891 135,187 
Total future minimum lease payments59,721,806 222,607 
Less: Amount of lease payments representing interest(34,519,619)(82,585)
Present value of future minimum lease payments25,202,187 140,022 
Less: Current portion(56,866)(52,492)
Long-term portion of lease liabilities$25,145,321 $87,530