v3.26.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Investment in MGM
Investment in MGM
June 30, 2026December 31, 2025
(In thousands)
Investment in MGM$3,194,777 $2,401,858 
The following table presents MGM’s summarized financial information for the six months ended June 30, 2026 and 2025. As noted above, the Company accounts for its investment in MGM under the equity method of accounting using the fair value option. As a result, the carrying value of our investment and the gain or loss in any given period are not necessarily correlated with the income statement information presented below.
Six Months Ended June 30,
20262025
(In thousands)
Revenues$8,905,711 $8,681,952 
Expenses$8,136,697 $7,905,294 
Net income$497,581 $344,825 
Net income attributable to MGM$417,569 $197,505 
Schedule of Long-term Investments
Long-term investments consist of:
June 30, 2026December 31, 2025
(In thousands)
Equity securities without readily determinable fair values$404,628 $409,240 
Total long-term investments$404,628 $409,240 
Schedule of Realized and Unrealized Gains and Losses
The following table presents a summary of unrealized pre-tax gains and losses recorded in “Other income, net” in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at June 30, 2026 and 2025.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Downward adjustments including impairments (gross unrealized pre-tax losses)— (10,900)$(4,612)$(28,945)
Total$— $(10,900)$(4,612)$(28,945)
Realized and unrealized pre-tax gains and losses for the Company’s investments without readily determinable fair values for the three and six months ended June 30, 2026 and 2025 are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Realized pre-tax gains, net, for equity securities sold$— $473 $38 $9,777 
Unrealized pre-tax losses, net, on equity securities held— (10,900)(4,612)(28,945)
Net pre-tax losses recognized$— $(10,427)$(4,574)$(19,168)
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:
June 30, 2026
Level 1Level 2Level 3Total Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds$726,812 $— $— $726,812 
Time deposits— 19,937 — 19,937 
Investment in MGM 3,194,777 — — 3,194,777 
Other current assets:
Interest rate swaps(a)
— 239 — 239 
Total$3,921,589 $20,176 $— $3,941,765 
_____________________
(a)    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. See “Note 3—Long-term Debt” for additional information.
December 31, 2025
Level 1Level 2Level 3Total Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds$739,891 $— $— $739,891 
Time deposits— 20,689 — 20,689 
Investment in MGM2,401,858 — — 2,401,858 
Total$3,141,749 $20,689 $— $3,162,438 
Liabilities:
Other long-term liabilities:
Interest rate swaps(a)
$— $(2,018)$— $(2,018)