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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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- References

No definition available.

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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

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X

- 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

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