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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Investment in MGM

Investment in MGM

			September 30, 2025						December 31, 2024
			(In thousands)
Investment in MGM			$	2,243,320					$	2,242,672

The following table presents MGM’s summarized financial information for the nine months ended September 30, 2025 and 2024. As noted above, the Company has elected to account for its investment in MGM pursuant to the fair value option. By electing the fair value option, the Company’s investment in MGM is remeasured each reporting period with any changes recognized through income based on MGM’s closing stock price. As a result, the value of our investment and the financial impacts in any given period are not necessarily correlated with the income statement information presented below.

			Nine Months Ended September 30,
			2025						2024
			(In thousands)
Revenues			$	12,932,416					$	12,893,983
Expenses			$	12,294,252					$	11,643,773
Net income			$	138,096					$	826,692
Net (loss) income attributable to MGM			$	(87,750)					$	589,126

Schedule of Long-term Investments

Long-term investments consist of:

			September 30, 2025						December 31, 2024
			(In thousands)
Equity securities without readily determinable fair values			$	409,574					$	438,534
Total long-term investments			$	409,574					$	438,534

Schedule of Realized and Unrealized Gains and Losses

The following table presents a summary of unrealized pre-tax gains and losses recorded in “Other (expense) income, net” in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at September 30, 2025 and 2024.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(In thousands)
Upward adjustments (gross unrealized pre-tax gains)			$	—					$	1,901					$	—					$	1,901
Downward adjustments including impairments (gross unrealized pre-tax losses)			—						(17,061)						(28,945)						(24,928)
Total			$	—					$	(15,160)					$	(28,945)					$	(23,027)

Realized and unrealized pre-tax gains and losses for the Company’s investments without readily determinable fair values for the three and nine months ended September 30, 2025 and 2024 are as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(In thousands)
Realized pre-tax gains, net, for equity securities sold			$	—					$	3,361					$	9,777					$	7,777
Unrealized pre-tax losses, net, on equity securities held			—						(15,160)						(28,945)						(23,027)
Total pre-tax losses, net recognized			$	—					$	(11,799)					$	(19,168)					$	(15,250)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:

			September 30, 2025
			Level 1						Level 2						Level 3						Total Fair Value Measurements
			(In thousands)
Assets:
Cash equivalents:
Money market funds			$	823,912					$	—					$	—					$	823,912
Time deposits			—						20,044						—						20,044
Other current assets:
Retirement investment fund			—						1,980						—						1,980
Investment in MGM			2,243,320						—						—						2,243,320
Total			$	3,067,232					$	22,024					$	—					$	3,089,256
Liabilities:
Other long-term liabilities:
Interest rate swaps(a)			$	—					$	(1,917)					$	—					$	(1,917)

_____________________

(a)    Interest rate swaps relate to the $350 million notional amount which hedge the Term Loan B-2 and, prior to the effectiveness of the amendments to the Credit Agreement, the Term Loan B-1. See “Note 3—Long-term Debt” for additional information. The fair value of interest rate swaps was determined using discounted cash flows derived from observable market prices, including swap curves, which are Level 2 inputs.

			December 31, 2024
			Level 1						Level 2						Level 3						Total Fair Value Measurements
			(In thousands)
Assets:
Cash equivalents:
Money market funds			$	1,130,095					$	—					$	—					$	1,130,095
Time deposits			—						18,098						—						18,098
Other current assets:
Retirement investment fund			—						13,763						—						13,763
Investment in MGM			2,242,672						—						—						2,242,672
Other non-current assets:
Interest rate swaps(a)			—						1,715						—						1,715
Total			$	3,372,767					$	33,576					$	—					$	3,406,343

Schedule of Warrant Measured at Fair Value on a Recurring Basis

The following tables present the change in the warrant for the three and nine months ended September 30, 2024, which was measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

									Three Months Ended September 30, 2024
									(In thousands)
Balance at April 1									$	70,024
Settlements									(70,024)
Balance at September 30									$	—

									Nine Months Ended September 30, 2024
									(In thousands)
Balance at January 1									$	49,631
Total net gains:
Fair value adjustments included in earnings									20,393
Settlements									(70,024)
Balance at September 30									$	—

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