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v3.25.3

LEASES | 9 Months Ended
--- | ---
Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 571,058 |  |  | $ | 575,293 |  |  | $ | 1,719,519 |  |  | $ | 1,725,494 |
Finance lease costs |  |  |  |  |  |  |
Interest expense | $ | 3,918 |  |  | $ | 8,891 |  |  | $ | 12,304 |  |  | $ | 27,701 |
Amortization expense | 18,727 |  |  | 14,755 |  |  | 54,929 |  |  | 40,711 |
Total finance lease costs | $ | 22,645 |  |  | $ | 23,646 |  |  | $ | 67,233 |  |  | $ | 68,412 |
(1) Operating lease cost includes $83 million for each of the three months ended September 30, 2025 and 2024 and $248 million for each of the nine months ended September 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
| September 30, 2025 |  | December 31, 2024
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,127,115 |  |  | $ | 23,532,287 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 97,844 |  |  | $ | 98,021 |
Operating lease liabilities - long-term(2) | 24,988,015 |  |  | 25,076,139 |
Total operating lease liabilities | $ | 25,085,859 |  |  | $ | 25,174,160 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 255,164 |  |  | $ | 304,645 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 75,377 |  |  | $ | 74,191 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 196,128 |  |  | 243,256 |
Total finance lease liabilities | $ | 271,505 |  |  | $ | 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 September 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 September 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2025 and December 31, 2024, operating lease liabilities – current included $8 million and $3 million related to the Bellagio lease, respectively.
| Nine Months Ended September 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 1,403,082 |  |  | $ | 1,377,717 |
Operating cash outflows from finance leases | 12,304 |  |  | 11,389 |
Financing cash outflows from finance leases(1) | 52,952 |  |  | 38,745 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 5,570 |  |  | $ | 5,079 |
Finance leases | 6,130 |  |  | 272,878 |
(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 nine months ended September 30, 2025) | $ | 460,751 |  |  | $ | 24,997 |
2026 | 1,880,956 |  |  | 84,606 |
2027 | 1,909,902 |  |  | 83,494 |
2028 | 1,942,101 |  |  | 31,005 |
2029 | 1,974,346 |  |  | 7,948 |
Thereafter | 46,973,065 |  |  | 121,649 |
Total future minimum lease payments | 55,141,121 |  |  | 353,699 |
Less: Amount of lease payments representing interest | (30,055,262) |  |  | (82,194) |
Present value of future minimum lease payments | 25,085,859 |  |  | 271,505 |
Less: Current portion | (97,844) |  |  | (75,377) |
Long-term portion of lease liabilities | $ | 24,988,015 |  |  | $ | 196,128 |
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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 571,058 |  |  | $ | 575,293 |  |  | $ | 1,719,519 |  |  | $ | 1,725,494 |
Finance lease costs |  |  |  |  |  |  |
Interest expense | $ | 3,918 |  |  | $ | 8,891 |  |  | $ | 12,304 |  |  | $ | 27,701 |
Amortization expense | 18,727 |  |  | 14,755 |  |  | 54,929 |  |  | 40,711 |
Total finance lease costs | $ | 22,645 |  |  | $ | 23,646 |  |  | $ | 67,233 |  |  | $ | 68,412 |
(1) Operating lease cost includes $83 million for each of the three months ended September 30, 2025 and 2024 and $248 million for each of the nine months ended September 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
| September 30, 2025 |  | December 31, 2024
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,127,115 |  |  | $ | 23,532,287 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 97,844 |  |  | $ | 98,021 |
Operating lease liabilities - long-term(2) | 24,988,015 |  |  | 25,076,139 |
Total operating lease liabilities | $ | 25,085,859 |  |  | $ | 25,174,160 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 255,164 |  |  | $ | 304,645 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 75,377 |  |  | $ | 74,191 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 196,128 |  |  | 243,256 |
Total finance lease liabilities | $ | 271,505 |  |  | $ | 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 September 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 September 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2025 and December 31, 2024, operating lease liabilities – current included $8 million and $3 million related to the Bellagio lease, respectively.
| Nine Months Ended September 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 1,403,082 |  |  | $ | 1,377,717 |
Operating cash outflows from finance leases | 12,304 |  |  | 11,389 |
Financing cash outflows from finance leases(1) | 52,952 |  |  | 38,745 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 5,570 |  |  | $ | 5,079 |
Finance leases | 6,130 |  |  | 272,878 |
(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 nine months ended September 30, 2025) | $ | 460,751 |  |  | $ | 24,997 |
2026 | 1,880,956 |  |  | 84,606 |
2027 | 1,909,902 |  |  | 83,494 |
2028 | 1,942,101 |  |  | 31,005 |
2029 | 1,974,346 |  |  | 7,948 |
Thereafter | 46,973,065 |  |  | 121,649 |
Total future minimum lease payments | 55,141,121 |  |  | 353,699 |
Less: Amount of lease payments representing interest | (30,055,262) |  |  | (82,194) |
Present value of future minimum lease payments | 25,085,859 |  |  | 271,505 |
Less: Current portion | (97,844) |  |  | (75,377) |
Long-term portion of lease liabilities | $ | 24,988,015 |  |  | $ | 196,128 |

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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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