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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects: a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and d) If the plan is terminated by withdrawal of all employers and if the value of the non-forfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. The Company’s participation in these plans is presented below.
|  | EIN/Pension |  | Pension Protection Act Zone Status (2) |  | FIP/RP |  | Contributions by the Company (in thousands)(4) |  | Surcharge |  | Expiration Dates of Collective Bargaining Agreements
Pension Fund(1) |  | Plan Number |  | 2023 |  | 2022 |  | Status (3) |  | 2024 |  | 2023 |  | 2022 |  | Imposed |
Southern Nevada Culinary and Bartenders Pension Plan |  | 88-6016617/001 |  | Green |  | Green |  | No |  | $ | 61,630 |  |  | $ | 59,172 |  |  | $ | 56,235 |  |  | No |  | 05/31/2025(5); 09/30/2028(5); 09/30/2029(5)
The Legacy Plan of the UNITE HERE Retirement Fund (UHF) |  | 82-0994119/001 |  | Red |  | Red |  | Implemented |  | $ | 10,448 |  |  | $ | 10,113 |  |  | $ | 8,650 |  |  | No |  | 5/31/2026
(1)The Company was listed in the plan’s Form 5500 as providing more than 5% of the total contributions for the plan years 2023 and 2022 for both plans. At the date the financial statements were issued, Form 5500 was not available for the plan year 2024. (2)The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3)Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4)There have been no significant changes that affect the comparability of contributions. (5)The Company is party to eleven collective bargaining agreements (CBA) that provide for contributions to the Southern Nevada Culinary and Bartenders Pension Plan, which are primarily with the Local Joint Executive Board of Las Vegas, for and on behalf of the Culinary Workers Union and Bartenders Union. The agreements between Aria, Bellagio, The Cosmopolitan, Mandalay Bay, and MGM Grand Las Vegas are the most significant because more than two-thirds of the Company’s employee participants in this plan are covered by those five agreements. Multiemployer benefit plans other than pensions. Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $237 million, $230 million, and $218 million to the Health Fund for the years ended December 31, 2024, 2023, and 2022, respectively.

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