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LEASES (Tables) | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Schedule of Components of Lease Costs and Other Information | Other information. Components of lease costs and other information related to the Company’s leases were:
| Three Months Ended March 31,
| 2025 |  | 2024
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,157 |  |  | $ | 574,943 |
Finance lease costs |  |  |
Interest expense | $ | 4,318 |  |  | $ | 8,884 |
Amortization expense | 18,171 |  |  | 12,896 |
Total finance lease costs | $ | 22,489 |  |  | $ | 21,780 |
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
| Three Months Ended March 31,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 466,044 |  |  | $ | 456,382 |
Operating cash outflows from finance leases | 4,318 |  |  | 3,817 |
Financing cash outflows from finance leases(1) | 15,038 |  |  | 14,309 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 65 |  |  | $ | 3,072 |
Finance leases | — |  |  | 186,197 |
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Schedule of Supplemental Balance Sheet Information Related to Leases |
| March 31, 2025 |  | December 31, 2024
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,407,115 |  |  | $ | 23,532,287 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 100,189 |  |  | $ | 98,021 |
Operating lease liabilities - long-term(2) | 25,056,930 |  |  | 25,076,139 |
Total operating lease liabilities | $ | 25,157,119 |  |  | $ | 25,174,160 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 282,912 |  |  | $ | 304,645 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 74,551 |  |  | $ | 74,191 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 225,880 |  |  | 243,256 |
Total finance lease liabilities | $ | 300,431 |  |  | $ | 317,447 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 24 |  | 24
Finance leases | 8 |  | 8
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1)As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $3.4 billion related to the Bellagio lease. (2)As of March 31, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of March 31, 2025 and December 31, 2024, operating lease liabilities – current included $5 million and $3 million related to the Bellagio lease, respectively.
Schedule of Operating Lease Maturity | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2025 (excluding the three months ended March 31, 2025) | $ | 1,403,211 |  |  | $ | 68,910 |
2026 | 1,891,709 |  |  | 81,702 |
2027 | 1,919,697 |  |  | 81,462 |
2028 | 1,945,674 |  |  | 29,569 |
2029 | 1,972,273 |  |  | 7,046 |
Thereafter | 46,972,297 |  |  | 121,202 |
Total future minimum lease payments | 56,104,861 |  |  | 389,891 |
Less: Amount of lease payments representing interest | (30,947,742) |  |  | (89,460) |
Present value of future minimum lease payments | 25,157,119 |  |  | 300,431 |
Less: Current portion | (100,189) |  |  | (74,551) |
Long-term portion of lease liabilities | $ | 25,056,930 |  |  | $ | 225,880 |
Schedule of Finance Lease Maturity | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2025 (excluding the three months ended March 31, 2025) | $ | 1,403,211 |  |  | $ | 68,910 |
2026 | 1,891,709 |  |  | 81,702 |
2027 | 1,919,697 |  |  | 81,462 |
2028 | 1,945,674 |  |  | 29,569 |
2029 | 1,972,273 |  |  | 7,046 |
Thereafter | 46,972,297 |  |  | 121,202 |
Total future minimum lease payments | 56,104,861 |  |  | 389,891 |
Less: Amount of lease payments representing interest | (30,947,742) |  |  | (89,460) |
Present value of future minimum lease payments | 25,157,119 |  |  | 300,431 |
Less: Current portion | (100,189) |  |  | (74,551) |
Long-term portion of lease liabilities | $ | 25,056,930 |  |  | $ | 225,880 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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