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LEASES | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
LEASES | LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 575,293 |  |  | $ | 575,112 |  |  | $ | 1,725,494 |  |  | $ | 1,731,572 |
Finance lease costs |  |  |  |  |  |  |
Interest expense | $ | 8,891 |  |  | $ | 2,484 |  |  | $ | 27,701 |  |  | $ | 7,005 |
Amortization expense | 14,755 |  |  | 17,030 |  |  | 40,711 |  |  | 51,869 |
Total finance lease costs | $ | 23,646 |  |  | $ | 19,514 |  |  | $ | 68,412 |  |  | $ | 58,874 |
(1)Operating lease cost includes $83 million for each of the three months ended September 30, 2024 and 2023 and $248 million for each of the nine months ended September 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party.
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,658,647 |  |  | $ | 24,027,465 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 88,364 |  |  | $ | 74,988 |
Operating lease liabilities - long-term(2) | 25,092,217 |  |  | 25,127,464 |
Total operating lease liabilities | $ | 25,180,581 |  |  | $ | 25,202,452 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 320,200 |  |  | $ | 85,783 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 71,455 |  |  | $ | 9,166 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 259,464 |  |  | 85,391 |
Total finance lease liabilities | $ | 330,919 |  |  | $ | 94,557 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 25 |  | 25
Finance leases | 8 |  | 22
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1)As of September 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively. (2)As of September 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2024, operating lease liabilities – current included $2 million related to the Bellagio lease.
| Nine Months Ended September 30,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 1,377,717 |  |  | $ | 1,350,828 |
Operating cash outflows from finance leases | 11,389 |  |  | 4,917 |
Financing cash outflows from finance leases(1) | 38,745 |  |  | 53,211 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 5,079 |  |  | $ | 12,347 |
Finance leases | 272,878 |  |  | 518 |
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows. Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2024 (excluding the nine months ended September 30, 2024) | $ | 459,142 |  |  | $ | 25,229 |
2025 | 1,864,318 |  |  | 84,460 |
2026 | 1,889,911 |  |  | 81,026 |
2027 | 1,917,382 |  |  | 80,708 |
2028 | 1,945,374 |  |  | 29,445 |
Thereafter | 48,944,154 |  |  | 128,248 |
Total future minimum lease payments | 57,020,281 |  |  | 429,116 |
Less: Amount of lease payments representing interest | (31,839,700) |  |  | (98,197) |
Present value of future minimum lease payments | 25,180,581 |  |  | 330,919 |
Less: Current portion | (88,364) |  |  | (71,455) |
Long-term portion of lease liabilities | $ | 25,092,217 |  |  | $ | 259,464 |
LEASES | LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 575,293 |  |  | $ | 575,112 |  |  | $ | 1,725,494 |  |  | $ | 1,731,572 |
Finance lease costs |  |  |  |  |  |  |
Interest expense | $ | 8,891 |  |  | $ | 2,484 |  |  | $ | 27,701 |  |  | $ | 7,005 |
Amortization expense | 14,755 |  |  | 17,030 |  |  | 40,711 |  |  | 51,869 |
Total finance lease costs | $ | 23,646 |  |  | $ | 19,514 |  |  | $ | 68,412 |  |  | $ | 58,874 |
(1)Operating lease cost includes $83 million for each of the three months ended September 30, 2024 and 2023 and $248 million for each of the nine months ended September 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party.
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,658,647 |  |  | $ | 24,027,465 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 88,364 |  |  | $ | 74,988 |
Operating lease liabilities - long-term(2) | 25,092,217 |  |  | 25,127,464 |
Total operating lease liabilities | $ | 25,180,581 |  |  | $ | 25,202,452 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 320,200 |  |  | $ | 85,783 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 71,455 |  |  | $ | 9,166 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 259,464 |  |  | 85,391 |
Total finance lease liabilities | $ | 330,919 |  |  | $ | 94,557 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 25 |  | 25
Finance leases | 8 |  | 22
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1)As of September 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively. (2)As of September 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2024, operating lease liabilities – current included $2 million related to the Bellagio lease.
| Nine Months Ended September 30,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 1,377,717 |  |  | $ | 1,350,828 |
Operating cash outflows from finance leases | 11,389 |  |  | 4,917 |
Financing cash outflows from finance leases(1) | 38,745 |  |  | 53,211 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 5,079 |  |  | $ | 12,347 |
Finance leases | 272,878 |  |  | 518 |
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows. Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2024 (excluding the nine months ended September 30, 2024) | $ | 459,142 |  |  | $ | 25,229 |
2025 | 1,864,318 |  |  | 84,460 |
2026 | 1,889,911 |  |  | 81,026 |
2027 | 1,917,382 |  |  | 80,708 |
2028 | 1,945,374 |  |  | 29,445 |
Thereafter | 48,944,154 |  |  | 128,248 |
Total future minimum lease payments | 57,020,281 |  |  | 429,116 |
Less: Amount of lease payments representing interest | (31,839,700) |  |  | (98,197) |
Present value of future minimum lease payments | 25,180,581 |  |  | 330,919 |
Less: Current portion | (88,364) |  |  | (71,455) |
Long-term portion of lease liabilities | $ | 25,092,217 |  |  | $ | 259,464 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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