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LEASES | 3 Months Ended
--- | ---
Mar. 31, 2025
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 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.
| 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.
| 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. 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 |
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 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.
| 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.
| 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. 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 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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