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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
MGM China first revolving credit facility | $ | 527,033 |  |  | $ | 477,567 |
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 |  |  | 850,000 |
7.125% MGM China senior notes, due 2031 | 500,000 |  |  | 500,000 |
6.5% senior notes, due 2032 | 750,000 |  |  | 750,000 |
7% debentures, due 2036 | 552 |  |  | 552 |
| 6,452,585 |  |  | 6,403,119 |
Less: Unamortized discounts and debt issuance costs, net | (37,957) |  |  | (41,021) |
| $ | 6,414,628 |  |  | $ | 6,362,098 |
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. 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. At March 31, 2025, no amounts were drawn. The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2025. MGM China first revolving credit facility. At March 31, 2025, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.3 billion) unsecured revolving credit facility, which was to mature in May 2026, and had a weighted average interest rate of 5.47%. The MGM China first revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its MGM China first revolving credit facility covenants at March 31, 2025. MGM China second revolving credit facility. At March 31, 2025, the MGM China second revolving credit facility consisted of a HK$5.85 billion (approximately $752 million) unsecured revolving credit facility, which was to mature in May 2026. At March 31, 2025, no amounts were drawn on the MGM China second revolving credit facility. The MGM China second revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its MGM China second revolving credit facility covenants at March 31, 2025. MGM China revolving credit facility. On April 15, 2025, MGM China entered into a HK$23.4 billion senior unsecured revolving credit facility. The MGM China revolving credit facility matures in April 2030 and bears interest at a fluctuating rate per annum based on the Hong Kong Interbank Offer Rate plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. The MGM China 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 April 2025, MGM China repaid in full the amounts outstanding under its MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility and the total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.4 billion and $6.3 billion at March 31, 2025 and December 31, 2024, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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