| 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
June 30, | | Six Months Ended
June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | (In thousands) | Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,304 | | | $ | 575,258 | | | $ | 1,148,461 | | | $ | 1,150,201 | | | | | | | | | | | Finance lease costs | | | | | | | | | Interest expense | $ | 4,068 | | | $ | 9,926 | | | $ | 8,386 | | | $ | 18,810 | | | Amortization expense | 18,031 | | | 13,060 | | | 36,202 | | | 25,956 | | | Total finance lease costs | $ | 22,099 | | | $ | 22,986 | | | $ | 44,588 | | | $ | 44,766 | |
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2025 and 2024 and $166 million for each of the six months ended June 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party. | | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | (In thousands) | | Operating leases | | | | Operating lease ROU assets, net(1) | $ | 23,251,222 | | | $ | 23,532,287 | | Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 92,563 | | | $ | 98,021 | | Operating lease liabilities - long-term(2) | 25,012,186 | | | 25,076,139 | | | Total operating lease liabilities | $ | 25,104,749 | | | $ | 25,174,160 | | | | | | | Finance leases | | | | Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 264,857 | | | $ | 304,645 | | Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 72,941 | | | $ | 74,191 | | Finance lease liabilities - long-term, classified within “Other long-term obligations” | 208,613 | | | 243,256 | | | Total finance lease liabilities | $ | 281,554 | | | $ | 317,447 | | | | | | | Weighted average remaining lease term (years) | | | | | Operating leases | 24 | | 24 | | Finance leases | 9 | | 8 | | | | | | Weighted average discount rate (%) | | | | | Operating leases | 7 | | | 7 | | | Finance leases | 6 | | | 6 | |
(1) As of June 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 June 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2025 and December 31, 2024, operating lease liabilities – current included $6 million and $3 million related to the Bellagio lease, respectively.
| | | | | | | | | | | | | | Six Months Ended
June 30, | | | 2025 | | 2024 | | Cash paid for amounts included in the measurement of lease liabilities | (In thousands) | | Operating cash outflows from operating leases | $ | 938,333 | | | $ | 916,403 | | | Operating cash outflows from finance leases | 8,386 | | | 7,471 | | Financing cash outflows from finance leases(1) | 33,883 | | | 22,536 | | | | | | | ROU assets obtained in exchange for new lease liabilities | | | | | Operating leases | $ | 5,555 | | | $ | 3,351 | | | Finance leases | — | | | 186,924 | |
(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 six months ended June 30, 2025) | $ | 926,563 | | | $ | 45,982 | | | 2026 | 1,881,588 | | | 81,692 | | | 2027 | 1,909,407 | | | 81,454 | | | 2028 | 1,940,997 | | | 29,568 | | | 2029 | 1,973,263 | | | 7,046 | | | Thereafter | 46,972,576 | | | 121,202 | | | Total future minimum lease payments | 55,604,394 | | | 366,944 | | | Less: Amount of lease payments representing interest | (30,499,645) | | | (85,390) | | | Present value of future minimum lease payments | 25,104,749 | | | 281,554 | | | Less: Current portion | (92,563) | | | (72,941) | | | Long-term portion of lease liabilities | $ | 25,012,186 | | | $ | 208,613 | |
|
| 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
June 30, | | Six Months Ended
June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | (In thousands) | Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,304 | | | $ | 575,258 | | | $ | 1,148,461 | | | $ | 1,150,201 | | | | | | | | | | | Finance lease costs | | | | | | | | | Interest expense | $ | 4,068 | | | $ | 9,926 | | | $ | 8,386 | | | $ | 18,810 | | | Amortization expense | 18,031 | | | 13,060 | | | 36,202 | | | 25,956 | | | Total finance lease costs | $ | 22,099 | | | $ | 22,986 | | | $ | 44,588 | | | $ | 44,766 | |
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2025 and 2024 and $166 million for each of the six months ended June 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party. | | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | (In thousands) | | Operating leases | | | | Operating lease ROU assets, net(1) | $ | 23,251,222 | | | $ | 23,532,287 | | Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 92,563 | | | $ | 98,021 | | Operating lease liabilities - long-term(2) | 25,012,186 | | | 25,076,139 | | | Total operating lease liabilities | $ | 25,104,749 | | | $ | 25,174,160 | | | | | | | Finance leases | | | | Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 264,857 | | | $ | 304,645 | | Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 72,941 | | | $ | 74,191 | | Finance lease liabilities - long-term, classified within “Other long-term obligations” | 208,613 | | | 243,256 | | | Total finance lease liabilities | $ | 281,554 | | | $ | 317,447 | | | | | | | Weighted average remaining lease term (years) | | | | | Operating leases | 24 | | 24 | | Finance leases | 9 | | 8 | | | | | | Weighted average discount rate (%) | | | | | Operating leases | 7 | | | 7 | | | Finance leases | 6 | | | 6 | |
(1) As of June 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 June 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2025 and December 31, 2024, operating lease liabilities – current included $6 million and $3 million related to the Bellagio lease, respectively.
| | | | | | | | | | | | | | Six Months Ended
June 30, | | | 2025 | | 2024 | | Cash paid for amounts included in the measurement of lease liabilities | (In thousands) | | Operating cash outflows from operating leases | $ | 938,333 | | | $ | 916,403 | | | Operating cash outflows from finance leases | 8,386 | | | 7,471 | | Financing cash outflows from finance leases(1) | 33,883 | | | 22,536 | | | | | | | ROU assets obtained in exchange for new lease liabilities | | | | | Operating leases | $ | 5,555 | | | $ | 3,351 | | | Finance leases | — | | | 186,924 | |
(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 six months ended June 30, 2025) | $ | 926,563 | | | $ | 45,982 | | | 2026 | 1,881,588 | | | 81,692 | | | 2027 | 1,909,407 | | | 81,454 | | | 2028 | 1,940,997 | | | 29,568 | | | 2029 | 1,973,263 | | | 7,046 | | | Thereafter | 46,972,576 | | | 121,202 | | | Total future minimum lease payments | 55,604,394 | | | 366,944 | | | Less: Amount of lease payments representing interest | (30,499,645) | | | (85,390) | | | Present value of future minimum lease payments | 25,104,749 | | | 281,554 | | | Less: Current portion | (92,563) | | | (72,941) | | | Long-term portion of lease liabilities | $ | 25,012,186 | | | $ | 208,613 | |
|