
	June 30, 2026		December 31, 2025
Macau Related:
WM Cayman II Revolver, due 2028(1)	$	1,142,653	$	1,149,597
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 6 3/4% Senior Notes, due 2034	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029(2)(3)	600,000		600,000

U.S. and Corporate Related:
WRF Credit Facilities(4):
WRF Term Loan, due 2030	752,813		752,813
WRF Revolver, due 2030	200,000		—
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	1,000,000		1,000,000
WRF 6 1/4% Senior Notes, due 2033	800,000		800,000
Retail Term Loan, due 2027(5)	600,000		600,000
	10,825,466		10,632,410
WML Convertible Bond Conversion Option Derivative(2)	1,963		32,586
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(102,769)		(118,184)
	10,724,660		10,546,812
Less: Current portion of long-term debt	(1,428,965)		(9,410)
Total long-term debt, net of current portion	$	9,295,695	$	10,537,402

(1) As of June 30, 2026, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or the Hong Kong Interbank Offered Rate ("HIBOR"), in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $239.1 million and $903.6 million of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of June 30, 2026, the weighted average interest rate was approximately 4.98%. As of June 30, 2026, the available borrowing capacity under the WM Cayman II Revolver was $1.35 billion.

(2) The net carrying amount of the WML Convertible Bonds, together with the WML Convertible Bond Conversion Option Derivative, is included in Current portion of long-term debt as of June 30, 2026. WML may be required to redeem all or a portion of the WML Convertible Bonds at the option of bond holders on March 7, 2027.

(3) As of June 30, 2026, the net carrying amount of the WML Convertible Bonds was $530.4 million, with unamortized debt discount and debt issuance costs of $69.6 million. The Company recorded contractual interest expense of $6.8 million in each of the three months ended June 30, 2026 and 2025 and amortization of discounts and issuance costs of $5.6 million and $5.1 million during the three months ended June 30, 2026 and 2025, respectively, and contractual interest expense of $13.5 million in each of the six months ended June 30, 2026 and 2025 and amortization of discounts and issuance costs of $11.1 million and $10.1 million during the six months ended June 30, 2026 and 2025, respectively.

(4) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75% per year. As of June 30, 2026, the weighted average interest rate was approximately 5.39%. Additionally, as of June 30, 2026, the available borrowing capacity under the WRF Revolver was $1.03 billion, net of $16.3 million in outstanding letters of credit. During the three months ended June 30, 2026, the Company drew $200.0 million under the WRF Revolver.