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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Leases Recorded on Balance Sheet | Leases recorded on the balance sheet consist of the following:
|  |  |  | December 31,
(In millions) |  | Classification on the Balance Sheet |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Operating lease ROU assets |  | Other long-term assets, net |  | $ | 604 |  |  | $ | 622 |
Liabilities: |  |  |  |  |  |
Current operating lease liabilities |  | Accrued other liabilities |  | 21 |  |  | 23 |
Non-current operating lease liabilities |  | Other long-term liabilities |  | 716 |  |  | 728 |
Schedule of Other Information Related to Lease Terms and Discount Rates |
Lease Terms and Discount Rate | December 31,
| 2024 |  | 2023
Weighted Average Remaining Lease Term (in years) | 31.7 |  | 32.1
Weighted Average Discount Rate | 8.2 | % |  | 8.1 | %
Components of Lease Expense |
Components of Lease Expense |  |  |  |  |
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Operating lease expense | $ | 81 |  |  | $ | 96 |  |  | $ | 132 |
Short-term and variable lease expense | 158 |  |  | 159 |  |  | 138 |
Total operating lease costs | $ | 239 |  |  | $ | 255 |  |  | $ | 270 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows:
Cash payments included in the measurement of lease liabilities |  |  |  |  |
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Operating cash flows for operating leases | $ | 81 |  |  | $ | 116 |  |  | $ | 110 |
Summary of Maturities of Lease Liabilities |
Maturities of Lease Liabilities |
(In millions) | Operating Leases
2025 | $ | 79 |
2026 | 77 |
2027 | 78 |
2028 | 75 |
2029 | 74 |
Thereafter | 1,848 |
Total future minimum lease payments | 2,231 |
Less: present value factor | (1,494) |
Total lease liability | $ | 737 |
Schedule of Future Minimum Lease Payments for Financing Obligation | The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligations, as amended, at December 31, 2024 were as follows:
(In millions) | GLPI Leases |  | VICI Leases
2025 | $ | 113 |  |  | $ | 1,228 |
2026 | 115 |  |  | 1,246 |
2027 | 117 |  |  | 1,265 |
2028 | 119 |  |  | 1,284 |
2029 | 120 |  |  | 1,304 |
Thereafter | 4,248 |  |  | 42,406 |
Total future payments | 4,832 |  |  | 48,733 |
Less: Amounts representing interest | (3,801) |  |  | (38,058) |
Plus: Residual values | 240 |  |  | 893 |
Financing obligation | $ | 1,271 |  |  | $ | 11,568 |
Schedule of Cash Paid for Financing Obligation | Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2024, 2023 and 2022 were as follows:
| GLPI Leases (a) |  | VICI Leases (a)
| December 31, |  | December 31,
(In millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Cash paid for principal | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Cash paid for interest | 112 |  |  | 111 |  |  | 110 |  |  | 1,212 |  |  | 1,175 |  |  | 1,095 |
____________________ (a)For the initial periods of the VICI and GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.
Schedule of Maturity of Lessor Lease Receivables |
Maturities of Lease Receivables |
(In millions) | Operating Leases
2025 | $ | 57 |
2026 | 56 |
2027 | 51 |
2028 | 47 |
2029 | 42 |
Thereafter | 670 |
Total | $ | 923 |

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