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LEASES | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,304 |  |  | $ | 575,258 |  |  | $ | 1,148,461 |  |  | $ | 1,150,201 |
Finance lease costs |  |  |  |  |  |  |
Interest expense | $ | 4,068 |  |  | $ | 9,926 |  |  | $ | 8,386 |  |  | $ | 18,810 |
Amortization expense | 18,031 |  |  | 13,060 |  |  | 36,202 |  |  | 25,956 |
Total finance lease costs | $ | 22,099 |  |  | $ | 22,986 |  |  | $ | 44,588 |  |  | $ | 44,766 |
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2025 and 2024 and $166 million for each of the six months ended June 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
| June 30, 2025 |  | December 31, 2024
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,251,222 |  |  | $ | 23,532,287 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 92,563 |  |  | $ | 98,021 |
Operating lease liabilities - long-term(2) | 25,012,186 |  |  | 25,076,139 |
Total operating lease liabilities | $ | 25,104,749 |  |  | $ | 25,174,160 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 264,857 |  |  | $ | 304,645 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 72,941 |  |  | $ | 74,191 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 208,613 |  |  | 243,256 |
Total finance lease liabilities | $ | 281,554 |  |  | $ | 317,447 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 24 |  | 24
Finance leases | 9 |  | 8
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1) As of June 30, 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 June 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2025 and December 31, 2024, operating lease liabilities – current included $6 million and $3 million related to the Bellagio lease, respectively.
| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 938,333 |  |  | $ | 916,403 |
Operating cash outflows from finance leases | 8,386 |  |  | 7,471 |
Financing cash outflows from finance leases(1) | 33,883 |  |  | 22,536 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 5,555 |  |  | $ | 3,351 |
Finance leases | — |  |  | 186,924 |
(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 six months ended June 30, 2025) | $ | 926,563 |  |  | $ | 45,982 |
2026 | 1,881,588 |  |  | 81,692 |
2027 | 1,909,407 |  |  | 81,454 |
2028 | 1,940,997 |  |  | 29,568 |
2029 | 1,973,263 |  |  | 7,046 |
Thereafter | 46,972,576 |  |  | 121,202 |
Total future minimum lease payments | 55,604,394 |  |  | 366,944 |
Less: Amount of lease payments representing interest | (30,499,645) |  |  | (85,390) |
Present value of future minimum lease payments | 25,104,749 |  |  | 281,554 |
Less: Current portion | (92,563) |  |  | (72,941) |
Long-term portion of lease liabilities | $ | 25,012,186 |  |  | $ | 208,613 |
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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,304 |  |  | $ | 575,258 |  |  | $ | 1,148,461 |  |  | $ | 1,150,201 |
Finance lease costs |  |  |  |  |  |  |
Interest expense | $ | 4,068 |  |  | $ | 9,926 |  |  | $ | 8,386 |  |  | $ | 18,810 |
Amortization expense | 18,031 |  |  | 13,060 |  |  | 36,202 |  |  | 25,956 |
Total finance lease costs | $ | 22,099 |  |  | $ | 22,986 |  |  | $ | 44,588 |  |  | $ | 44,766 |
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2025 and 2024 and $166 million for each of the six months ended June 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
| June 30, 2025 |  | December 31, 2024
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,251,222 |  |  | $ | 23,532,287 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 92,563 |  |  | $ | 98,021 |
Operating lease liabilities - long-term(2) | 25,012,186 |  |  | 25,076,139 |
Total operating lease liabilities | $ | 25,104,749 |  |  | $ | 25,174,160 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 264,857 |  |  | $ | 304,645 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 72,941 |  |  | $ | 74,191 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 208,613 |  |  | 243,256 |
Total finance lease liabilities | $ | 281,554 |  |  | $ | 317,447 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 24 |  | 24
Finance leases | 9 |  | 8
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1) As of June 30, 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 June 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2025 and December 31, 2024, operating lease liabilities – current included $6 million and $3 million related to the Bellagio lease, respectively.
| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 938,333 |  |  | $ | 916,403 |
Operating cash outflows from finance leases | 8,386 |  |  | 7,471 |
Financing cash outflows from finance leases(1) | 33,883 |  |  | 22,536 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 5,555 |  |  | $ | 3,351 |
Finance leases | — |  |  | 186,924 |
(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 six months ended June 30, 2025) | $ | 926,563 |  |  | $ | 45,982 |
2026 | 1,881,588 |  |  | 81,692 |
2027 | 1,909,407 |  |  | 81,454 |
2028 | 1,940,997 |  |  | 29,568 |
2029 | 1,973,263 |  |  | 7,046 |
Thereafter | 46,972,576 |  |  | 121,202 |
Total future minimum lease payments | 55,604,394 |  |  | 366,944 |
Less: Amount of lease payments representing interest | (30,499,645) |  |  | (85,390) |
Present value of future minimum lease payments | 25,104,749 |  |  | 281,554 |
Less: Current portion | (92,563) |  |  | (72,941) |
Long-term portion of lease liabilities | $ | 25,012,186 |  |  | $ | 208,613 |

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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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