v3.25.2
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
 June 30,
2025		 December 31,
2024
 (In thousands)
MGM China revolving credit facility
$815,292 $— 
MGM China first revolving credit facility— 477,567 
5.25% MGM China senior notes, due 2025
— 500,000 
5.875% MGM China senior notes, due 2026
750,000 750,000 
4.625% senior notes, due 2026
400,000 400,000 
5.5% senior notes, due 2027
675,000 675,000 
4.75% MGM China senior notes, due 2027
750,000 750,000 
4.75% senior notes, due 2028
750,000 750,000 
6.125% senior notes, due 2029
850,000 850,000 
7.125% MGM China senior notes, due 2031
500,000 500,000 
6.5% senior notes, due 2032
750,000 750,000 
7% debentures, due 2036
552 552 
 6,240,844 6,403,119 
Less: Unamortized discounts and debt issuance costs, net
(35,702)(41,021)
$6,205,142 $6,362,098 

MGM China’s senior notes due within one year of the applicable balance sheet date were classified as long-term as MGM China had both the intent and ability to refinance the notes on a long-term basis.

Senior secured credit facility. At June 30, 2025, the Company’s senior secured credit facility consisted of a $2.3 billion revolving credit facility, of which no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at June 30, 2025.

MGM China revolving credit facility. In April 2025, MGM China entered into the MGM China revolving credit facility and subsequently repaid in full, the amounts outstanding under the MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility. The total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full.

At June 30, 2025, the MGM China revolving credit facility consisted of a HK$23.4 billion (approximately $3.0 billion) senior unsecured revolving credit facility, which matures in April 2030 and bears interest at a fluctuating rate per annum based on the Hong Kong Interbank Offer Rate plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. At June 30, 2025, the weighted average interest rate was 2.22%. The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its credit facility covenants at June 30, 2025.

Senior notes. In April 2024, the Company issued $750 million in aggregate principal amount of 6.5% notes due 2032. The Company used the net proceeds from the offering to fund the early redemption of its $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024.

MGM China senior notes. In June 2025, MGM China repaid its $500 million in aggregate principal amount of 5.25% notes due 2025 with borrowings under the MGM China revolving credit facility.

In June 2024, MGM China issued $500 million in aggregate principal amount of 7.125% notes due 2031.

In May 2024, MGM China repaid its $750 million in aggregate principal amount of 5.375% notes due 2024.
Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.3 billion at each of June 30, 2025 and December 31, 2024.