Debt - Schedule of Outstanding Indebtedness (Details) - USD ($)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Feb. 03, 2025 |
Sep. 30, 2026 |
Sep. 30, 2026 |
Dec. 31, 2025 |
Aug. 31, 2026 |
| Debt Instrument |
|
|
|
|
|
| Weighted average interest rate |
|
4.567%
|
4.567%
|
|
|
| Principal Amount |
|
$ 17,217,832
|
$ 17,217,832
|
|
|
| Carrying Value |
|
$ 16,916,934
|
$ 16,916,934
|
$ 16,773,241
|
|
| Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
1.00%
|
|
|
|
|
| Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
1.00%
|
|
|
|
|
| Senior Unsecured Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Weighted average interest rate |
|
4.73%
|
4.73%
|
4.464%
|
|
| Principal Amount |
|
|
|
$ 17,092,453
|
|
| Carrying Value |
|
|
|
$ 16,773,241
|
|
| Senior Unsecured Notes | MGM Grand/Mandalay Bay CMBS Debt |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
3.558%
|
3.558%
|
3.558%
|
|
| Principal Amount |
|
$ 3,000,000
|
$ 3,000,000
|
$ 3,000,000
|
|
| Carrying Value |
|
$ 2,847,858
|
$ 2,847,858
|
$ 2,827,515
|
|
| Senior Unsecured Notes | 5.750% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.75%
|
5.75%
|
5.75%
|
|
| Principal Amount |
|
$ 750,000
|
$ 750,000
|
$ 750,000
|
|
| Carrying Value |
|
$ 750,732
|
$ 750,732
|
$ 752,382
|
|
| Senior Unsecured Notes | 3.750% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
3.75%
|
3.75%
|
3.75%
|
|
| Principal Amount |
|
$ 750,000
|
$ 750,000
|
$ 750,000
|
|
| Carrying Value |
|
$ 749,371
|
$ 749,371
|
$ 748,114
|
|
| Senior Unsecured Notes | 4.500% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
4.50%
|
4.50%
|
4.50%
|
|
| Principal Amount |
|
$ 350,000
|
$ 350,000
|
$ 350,000
|
|
| Carrying Value |
|
$ 346,677
|
$ 346,677
|
$ 344,756
|
|
| Senior Unsecured Notes | 4.750% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
4.75%
|
4.75%
|
4.75%
|
|
| Hedge adjusted interest rate |
|
|
4.516%
|
4.516%
|
|
| Principal Amount |
|
$ 1,250,000
|
$ 1,250,000
|
$ 1,250,000
|
|
| Carrying Value |
|
$ 1,246,526
|
$ 1,246,526
|
$ 1,244,632
|
|
| Senior Unsecured Notes | 4.750% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
4.75%
|
4.75%
|
4.75%
|
|
| Principal Amount |
|
$ 400,000
|
$ 400,000
|
$ 400,000
|
|
| Carrying Value |
|
$ 398,005
|
$ 398,005
|
$ 397,012
|
|
| Senior Unsecured Notes | 3.875% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
3.875%
|
3.875%
|
3.875%
|
|
| Principal Amount |
|
$ 750,000
|
$ 750,000
|
$ 750,000
|
|
| Carrying Value |
|
$ 722,408
|
$ 722,408
|
$ 713,898
|
|
| Senior Unsecured Notes | 4.625% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
4.625%
|
4.625%
|
4.625%
|
|
| Principal Amount |
|
$ 1,000,000
|
$ 1,000,000
|
$ 1,000,000
|
|
| Carrying Value |
|
$ 994,932
|
$ 994,932
|
$ 993,732
|
|
| Senior Unsecured Notes | 4.950% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
4.95%
|
4.95%
|
4.95%
|
|
| Hedge adjusted interest rate |
|
|
4.541%
|
4.541%
|
|
| Principal Amount |
|
$ 1,000,000
|
$ 1,000,000
|
$ 1,000,000
|
|
| Carrying Value |
|
$ 994,118
|
$ 994,118
|
$ 992,815
|
|
| Senior Unsecured Notes | 4.125% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
4.125%
|
4.125%
|
4.125%
|
|
| Principal Amount |
|
$ 1,000,000
|
$ 1,000,000
|
$ 1,000,000
|
|
| Carrying Value |
|
$ 994,220
|
$ 994,220
|
$ 993,101
|
|
| Senior Unsecured Notes | 5.400% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.40%
|
5.40%
|
|
|
| Hedge adjusted interest rate |
|
|
5.406%
|
|
|
| Principal Amount |
|
$ 900,000
|
$ 900,000
|
|
|
| Carrying Value |
|
$ 891,799
|
$ 891,799
|
|
|
| Senior Unsecured Notes | 5.125% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.125%
|
5.125%
|
5.125%
|
|
| Hedge adjusted interest rate |
|
|
4.969%
|
4.969%
|
|
| Principal Amount |
|
$ 750,000
|
$ 750,000
|
$ 750,000
|
|
| Carrying Value |
|
$ 742,871
|
$ 742,871
|
$ 741,828
|
|
| Senior Unsecured Notes | 5.125% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.125%
|
5.125%
|
5.125%
|
|
| Hedge adjusted interest rate |
|
|
3.98%
|
3.98%
|
|
| Principal Amount |
|
$ 1,500,000
|
$ 1,500,000
|
$ 1,500,000
|
|
| Carrying Value |
|
$ 1,488,452
|
$ 1,488,452
|
$ 1,486,918
|
|
| Senior Unsecured Notes | 5.750% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.75%
|
5.75%
|
5.75%
|
|
| Hedge adjusted interest rate |
|
|
5.689%
|
5.689%
|
|
| Principal Amount |
|
$ 550,000
|
$ 550,000
|
$ 550,000
|
|
| Carrying Value |
|
$ 542,683
|
$ 542,683
|
$ 541,956
|
|
| Senior Unsecured Notes | 5.625% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.625%
|
5.625%
|
5.625%
|
|
| Hedge adjusted interest rate |
|
|
5.601%
|
5.601%
|
|
| Principal Amount |
|
$ 900,000
|
$ 900,000
|
$ 900,000
|
|
| Carrying Value |
|
$ 886,584
|
$ 886,584
|
$ 885,409
|
|
| Senior Unsecured Notes | 5.750% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.75%
|
5.75%
|
|
|
| Hedge adjusted interest rate |
|
|
5.44%
|
|
|
| Principal Amount |
|
$ 850,000
|
$ 850,000
|
|
|
| Carrying Value |
|
$ 828,387
|
$ 828,387
|
|
|
| Senior Unsecured Notes | 5.625% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
5.625%
|
5.625%
|
5.625%
|
|
| Principal Amount |
|
$ 750,000
|
$ 750,000
|
$ 750,000
|
|
| Carrying Value |
|
$ 737,213
|
$ 737,213
|
$ 736,842
|
|
| Senior Unsecured Notes | 6.125% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
6.125%
|
6.125%
|
6.125%
|
|
| Principal Amount |
|
$ 500,000
|
$ 500,000
|
$ 500,000
|
|
| Carrying Value |
|
$ 486,266
|
$ 486,266
|
$ 485,897
|
|
| Senior Unsecured Notes | 4.500% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
|
|
4.50%
|
4.50%
|
| Principal Amount |
|
|
|
$ 500,000
|
|
| Carrying Value |
|
|
|
$ 496,596
|
|
| Senior Unsecured Notes | 4.250% Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Interest rate, stated percentage |
|
|
|
4.25%
|
4.25%
|
| Principal Amount |
|
|
|
$ 1,250,000
|
|
| Carrying Value |
|
|
|
1,247,385
|
|
| Revolving Credit Facility |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Commitment fee percentage |
|
0.20%
|
0.20%
|
|
|
| Revolving Credit Facility | Minimum |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
0.70%
|
|
|
| Commitment fee percentage |
|
|
0.10%
|
|
|
| Revolving Credit Facility | Maximum |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
1.40%
|
|
|
| Commitment fee percentage |
|
|
0.30%
|
|
|
| Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
0.70%
|
|
|
|
|
| Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
1.40%
|
|
|
|
|
| USD | Revolving Credit Facility, USD Borrowings | Senior Unsecured Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
$ 0
|
$ 0
|
|
|
| Carrying Value |
|
0
|
$ 0
|
|
|
| USD | Revolving Credit Facility, USD Borrowings | Senior Unsecured Notes | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
0.85%
|
|
|
| USD | Revolving Credit Facility |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
|
|
0
|
|
| Carrying Value |
|
|
|
$ 0
|
|
| USD | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
|
0.85%
|
|
| CAD | Revolving Credit Facility, CAD Borrowings | Senior Unsecured Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
245,945
|
$ 245,945
|
|
|
| Carrying Value |
|
245,945
|
$ 245,945
|
|
|
| CAD | Revolving Credit Facility, CAD Borrowings | Senior Unsecured Notes | Canadian Overnight Repo Rate Average (CORRA) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
0.85%
|
|
|
| CAD | Revolving Credit Facility |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
|
|
$ 120,219
|
|
| Carrying Value |
|
|
|
$ 120,219
|
|
| CAD | Revolving Credit Facility | Canadian Overnight Repo Rate Average (CORRA) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
|
0.85%
|
|
| GBP | Revolving Credit Facility, GBP Borrowings | Senior Unsecured Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
21,887
|
$ 21,887
|
|
|
| Carrying Value |
|
21,887
|
$ 21,887
|
|
|
| GBP | Revolving Credit Facility, GBP Borrowings | Senior Unsecured Notes | Sterling Overnight Index Average (SONIA) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
0.85%
|
|
|
| GBP | Revolving Credit Facility |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
|
|
$ 22,234
|
|
| Carrying Value |
|
|
|
$ 22,234
|
|
| GBP | Revolving Credit Facility | Sterling Overnight Index Average (SONIA) |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Basis spread on variable rate (percent) |
|
|
|
0.85%
|
|
| GBP | Revolving Credit Facility | Senior Unsecured Notes |
|
|
|
|
|
| Debt Instrument |
|
|
|
|
|
| Principal Amount |
|
$ 21,900
|
$ 21,900
|
|
|