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Leases (Tables)
 12 Months Ended
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 Sheet20242023
Assets:
Operating lease ROU assetsOther long-term assets, net$604 $622 
Liabilities:
Current operating lease liabilities
Accrued other liabilities21 23 
Non-current operating lease liabilities
Other long-term liabilities716 728 
Schedule of Other Information Related to Lease Terms and Discount Rates
Lease Terms and Discount RateDecember 31,
20242023
Weighted Average Remaining Lease Term (in years)31.732.1
Weighted Average Discount Rate8.2 %8.1 %
Components of Lease Expense
Components of Lease Expense
Years Ended December 31,
(In millions)202420232022
Operating lease expense$81 $96 $132 
Short-term and variable lease expense158 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)202420232022
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 
202677 
202778 
202875 
202974 
Thereafter1,848 
Total future minimum lease payments2,231 
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 LeasesVICI Leases
2025$113 $1,228 
2026115 1,246 
2027117 1,265 
2028119 1,284 
2029120 1,304 
Thereafter4,248 42,406 
Total future payments4,832 48,733 
Less: Amounts representing interest(3,801)(38,058)
Plus: Residual values240 893 
Financing obligation $1,271 $11,568 
Schedule of Cash Paid for Financing Obligation
Cash payments made relating to the Company’s long-term financing obligations during the years ended December 31, 2024, 2023 and 2022 were as follows:
GLPI Leases (a)
VICI Leases (a)
December 31,December 31,
(In millions)202420232022202420232022
Cash paid for principal$— $1 $— $1 $1 $1 
Cash paid for interest112 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 
202656 
202751 
202847 
202942 
Thereafter670 
Total$923