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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following:
|  | December 31,
|  | 2024 |  | 2023
|  | (In thousands)
MGM China first revolving credit facility |  | $ | 477,567 |  |  | $ | 371,300 |
5.375% MGM China senior notes, due 2024 |  | — |  |  | 750,000 |
6.75% senior notes, due 2025 |  | — |  |  | 750,000 |
5.75% senior notes, due 2025 |  | — |  |  | 675,000 |
5.25% MGM China senior notes, due 2025 |  | 500,000 |  |  | 500,000 |
5.875% MGM China senior notes, due 2026 |  | 750,000 |  |  | 750,000 |
4.625% senior notes, due 2026 |  | 400,000 |  |  | 400,000 |
5.5% senior notes, due 2027 |  | 675,000 |  |  | 675,000 |
4.75% MGM China senior notes, due 2027 |  | 750,000 |  |  | 750,000 |
4.75% senior notes, due 2028 |  | 750,000 |  |  | 750,000 |
6.125% senior notes, due 2029 |  | 850,000 |  |  | —
7.125% MGM China senior notes, due 2031 |  | 500,000 |  |  | —
6.5% senior notes, due 2032 |  | 750,000 |  |  | —
7% debentures, due 2036 |  | 552 |  |  | 552 |
|  | 6,403,119 |  |  | 6,371,852 |
Less: Unamortized discounts and debt issuance costs, net |  | (41,021) |  |  | (28,042) |
|  | $ | 6,362,098 |  |  | $ | 6,343,810 |
MGM China’s senior notes due within one year of the applicable balance sheet date were classified as long-term as MGM China had both the intent and ability to refinance the notes on a long-term basis. Interest expense, net consisted of the following:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In thousands)
Total interest incurred |  | $ | 445,660 |  |  | $ | 463,175 |  |  | $ | 595,692 |
Interest capitalized |  | (2,430) |  | (2,882) |  | (738)
|  | $ | 443,230 |  |  | $ | 460,293 |  |  | $ | 594,954 |
Senior secured credit facility. In February 2024, the Company amended its revolving facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. The revolving credit facility bears interest of SOFR plus 1.50% to 2.25% determined by reference to a rent adjusted total net leverage ratio pricing grid. At December 31, 2024, no amounts were drawn. The Company’s senior secured credit facility is guaranteed by each of the Company’s existing direct and indirect wholly-owned material domestic restricted subsidiaries, subject to certain exclusions. The senior secured credit facility is secured by a pledge of the equity in certain of the Company’s domestic operating properties. Mandatory prepayments will be required upon the occurrence of certain events, including sales of certain assets, subject to certain exceptions. The Company’s senior secured credit facility also contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at December 31, 2024. MGP OP senior secured credit facility. In April 2022, MGP OP senior secured credit facility was derecognized in connection with the deconsolidation of MGP as a result of the VICI Transaction. MGP OP was party to interest rate swaps to mitigate the effects of interest rate volatility inherent in its variable rate debt as well as forecasted debt issuances. In March 2022, MGP OP terminated its interest rate swap agreements. MGM China first revolving credit facility. At December 31, 2024, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.3 billion) unsecured revolving credit facility. The MGM China first revolving credit facility bears interest at a fluctuating rate per annum based on Hong Kong Interbank Offered Rate (“HIBOR”) plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. At December 31, 2024, the weighted average interest rate was 7.55%. In June 2023, MGM China amended its first revolving credit agreement, which extended the maturity date to May 2026. 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 connection with the June 2023 amendment, the financial covenants under the MGM China first revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025. MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at December 31, 2024. MGM China second revolving credit facility. At December 31, 2024, the MGM China second revolving credit facility consisted of a HK$5.85 billion (approximately $753 million) unsecured revolving credit facility. The option to increase the amount of the facility was partially exercised in August 2023, increasing the facility by HK$205 million (approximately $26 million); in October 2023, increasing the facility by HK$1.17 billion (approximately $151 million); and in December 2023, increasing the facility by HK$100 million (approximately $13 million). The option to increase the amount of the facility was further exercised in May 2024, increasing the facility by HK$1.26 billion (approximately $162 million) to its full capacity of HK$5.85 billion. At December 31, 2024, no amounts were drawn on the MGM China second revolving credit facility. In June 2023, MGM China amended its second revolving credit agreement, which extended the maturity date to May 2026, increased the amount to which MGM China may upsize the facility, and removed the requirement for the MGM China first revolving credit facility to be fully drawn prior to utilizing the MGM China second revolving credit facility. The MGM China second credit facility bears interest at a fluctuating rate per annum based on HIBOR plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. 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 connection with the June 2023 amendment, the financial covenants under the MGM China second revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025. MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at December 31, 2024. LeoVegas revolving credit facility. Upon the Company’s acquisition of LeoVegas, the LeoVegas revolving credit facility consisted of a €40 million revolving facility, which was fully drawn. The LeoVegas revolving credit facility contained a change-of-control provision which required repayment of the facility within 60 days following a change-of-control event. As the Company’s acquisition of LeoVegas triggered the change-of-control provision, the revolving credit facility was fully repaid in November 2022. Senior notes. In September 2024, the Company issued $850 million in aggregate principal amount of 6.125% notes due 2029. The Company used the net proceeds from the offering to fund the early redemption of its $675 million in aggregate principal amount of 5.75% notes due 2025 at a redemption price of 100.607% in October 2024, with the remainder primarily used for general corporate purposes. In April 2024, the Company issued $750 million in aggregate principal amount of 6.5% notes due 2032. The Company used the net proceeds from the offering to fund the early redemption of its $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024. In March 2023, the Company repaid its $1.25 billion 6% notes due 2023 upon maturity. In March 2022, the Company repaid its $1.0 billion 7.75% notes due 2022 upon maturity. MGP OP senior notes. In April 2022, MGP OP senior secured credit facility and the senior notes of MGP OP were derecognized in connection with the deconsolidation of MGP as a result of the VICI Transaction. MGM China senior notes. In June 2024, MGM China issued $500 million in aggregate principal amount of 7.125% notes due 2031. In May 2024, MGM China repaid its $750 million in aggregate principal amount of 5.375% notes due 2024. LeoVegas senior notes. Upon the Company’s acquisition of LeoVegas in 2022, LeoVegas had senior unsecured notes of SEK 700 million (approximately $65 million) in aggregate principal outstanding with an option to increase the issuance to SEK 800 million (approximately $74 million). The senior unsecured notes contained change-of-control provisions which provided for the holders to request that all or a portion of the principal amount held be repurchased at a price of 101%, together with accrued interest, during a period following notice. In connection with the change-of-control provisions, an aggregate of SEK 319 million (approximately $30 million) of senior unsecured notes were repurchased in November and December 2022. In August 2023, LeoVegas repaid its remaining outstanding senior unsecured notes totaling SEK 382 million (approximately $36 million). Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2024 were as follows:
Year ending December 31, |  | (In thousands)
2025 |  | $ | 500,000 |
2026 |  | 1,627,567 |
2027 |  | 1,425,000 |
2028 |  | 750,000 |
2029 |  | 850,000 |
Thereafter |  | 1,250,552 |
|  | $ | 6,403,119 |
Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.3 billion for each of the years ended December 31, 2024 and 2023.

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