v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Costs
 
Year Ended December 31,
 2025 20242023
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$2,290,377 $2,300,373 $2,306,640 
 
Finance lease costs
Interest expense
$15,995 $32,251 $9,899 
Amortization expense73,863 58,845 65,629 
Total finance lease costs$89,858 $91,096 $75,528 
(1)Operating lease cost includes $331 million for each of the years ended December 31, 2025, 2024, and 2023, related to the Bellagio lease, which is held with a related party.
 
Year Ended December 31,
 2025 20242023
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$1,867,130 $1,833,022 $1,802,577 
Operating cash outflows from finance leases15,995 15,939 6,332 
Financing cash outflows from finance leases(1)
70,118 54,798 71,611 
 
ROU assets obtained in exchange for new lease liabilities
Operating leases$6,502 $6,658 $15,089 
Finance leases6,688 275,455 3,073 
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Schedule of Supplemental Balance Sheet Information Related to Leases
 December 31,
 20252024
(In thousands)
Operating leases  
Operating lease ROU assets, net(1)
$23,002,707$23,532,287
Operating lease liabilities - current, classified within “Other accrued liabilities”
$106,005$98,021
Operating lease liabilities - long-term(2)
24,962,74225,076,139
Total operating lease liabilities$25,068,747$25,174,160
 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$236,861$304,645
Finance lease liabilities - current, classified within “Other accrued liabilities”
$76,913$74,191
Finance lease liabilities - long-term, classified within “Other long-term obligations”
178,053243,256
Total finance lease liabilities$254,966$317,447
 
Weighted average remaining lease term (years)
Operating leases2324
Finance leases98
 
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1)As of December 31, 2025 and 2024, operating lease ROU assets, net included $3.3 billion and $3.4 billion related to the Bellagio lease, respectively.
(2)As of December 31, 2025 and 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of December 31, 2025 and 2024, operating lease liabilities – current included $9 million and $3 million related to the Bellagio lease, respectively.
Schedule of Finance Lease Maturity
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31,
(In thousands)
2026$1,878,845 $89,236 
20271,910,407 83,577 
20281,942,639 31,075 
20291,974,637 7,948 
20302,010,199 7,440 
Thereafter44,962,919 114,210 
Total future minimum lease payments54,679,646 333,486 
Less: Amount of lease payments representing interest(29,610,899)(78,520)
Present value of future minimum lease payments25,068,747 254,966 
Less: Current portion(106,005)(76,913)
Long-term portion of lease liabilities$24,962,742 $178,053 
Schedule of Operating Lease Maturity
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31,
(In thousands)
2026$1,878,845 $89,236 
20271,910,407 83,577 
20281,942,639 31,075 
20291,974,637 7,948 
20302,010,199 7,440 
Thereafter44,962,919 114,210 
Total future minimum lease payments54,679,646 333,486 
Less: Amount of lease payments representing interest(29,610,899)(78,520)
Present value of future minimum lease payments25,068,747 254,966 
Less: Current portion(106,005)(76,913)
Long-term portion of lease liabilities$24,962,742 $178,053