v3.26.3
LEASES
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
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.

The VICI lease. As of September 30, 2026, the Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property.

In April 2026, in connection with the sale of the operations of MGM Northfield Park, the VICI lease was amended and restated to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $722 million. The partial termination resulted in the reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and a decrease in operating lease ROU asset, net of $1.1 billion and operating lease liabilities of $1.2 billion, with $51 million recorded as a gain on partial termination within “Property transactions, net.” Annual cash rent payments for the lease year that commenced on May 1, 2026 increased to $736 million as a result of the 2% fixed annual escalator.

Other information. Components of lease costs and other information related to the Company’s leases were:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$554,973 $571,058 $1,684,630 $1,719,519 
Finance lease costs
Interest expense$4,039 $3,918 $11,194 $12,304 
Amortization expense18,650 18,727 55,792 54,929 
Total finance lease costs$22,689 $22,645 $66,986 $67,233 
(1) Operating lease cost includes $83 million for each of the three months ended September 30, 2026 and 2025 and $248 million for each of the nine months ended September 30, 2026 and 2025 related to the Bellagio lease, which is held with a related party.
September 30,
2026		December 31,
2025
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$21,547,868 $23,002,707 
Operating lease liabilities - current, classified within “Other accrued liabilities”$110,993 $106,005 
Operating lease liabilities - long-term(2)
23,749,751 24,962,742 
Total operating lease liabilities$23,860,744 $25,068,747 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”$182,669 $236,861 
Finance lease liabilities - current, classified within “Other accrued liabilities”$78,844 $76,913 
Finance lease liabilities - long-term, classified within “Other long-term obligations”122,524 178,053 
Total finance lease liabilities$201,368 $254,966 
Weighted average remaining lease term (years)
Operating leases2323
Finance leases99
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1) As of September 30, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $3.3 billion related to the Bellagio lease.
(2) As of September 30, 2026 and December 31, 2025, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2026 and December 31, 2025, operating lease liabilities – current included $14 million and $9 million related to the Bellagio lease, respectively.

Nine Months Ended
September 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$1,386,468 $1,403,082 
Operating cash outflows from finance leases11,194 12,304 
Financing cash outflows from finance leases(1)
54,268 52,952 
ROU assets obtained in exchange for new lease liabilities
Operating leases$9,401 $5,570 
Finance leases7,790 6,130 
(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)
2026 (excluding the nine months ended September 30, 2026)$457,298 $25,209 
20271,860,590 83,031 
20281,891,015 32,106 
20291,921,465 8,294 
20301,954,344 7,436 
Thereafter43,833,648 114,210 
Total future minimum lease payments51,918,360 270,286 
Less: Amount of lease payments representing interest(28,057,616)(68,918)
Present value of future minimum lease payments23,860,744 201,368 
Less: Current portion(110,993)(78,844)
Long-term portion of lease liabilities$23,749,751 $122,524 
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.

The VICI lease. As of September 30, 2026, the Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property.

In April 2026, in connection with the sale of the operations of MGM Northfield Park, the VICI lease was amended and restated to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $722 million. The partial termination resulted in the reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and a decrease in operating lease ROU asset, net of $1.1 billion and operating lease liabilities of $1.2 billion, with $51 million recorded as a gain on partial termination within “Property transactions, net.” Annual cash rent payments for the lease year that commenced on May 1, 2026 increased to $736 million as a result of the 2% fixed annual escalator.

Other information. Components of lease costs and other information related to the Company’s leases were:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$554,973 $571,058 $1,684,630 $1,719,519 
Finance lease costs
Interest expense$4,039 $3,918 $11,194 $12,304 
Amortization expense18,650 18,727 55,792 54,929 
Total finance lease costs$22,689 $22,645 $66,986 $67,233 
(1) Operating lease cost includes $83 million for each of the three months ended September 30, 2026 and 2025 and $248 million for each of the nine months ended September 30, 2026 and 2025 related to the Bellagio lease, which is held with a related party.
September 30,
2026		December 31,
2025
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$21,547,868 $23,002,707 
Operating lease liabilities - current, classified within “Other accrued liabilities”$110,993 $106,005 
Operating lease liabilities - long-term(2)
23,749,751 24,962,742 
Total operating lease liabilities$23,860,744 $25,068,747 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”$182,669 $236,861 
Finance lease liabilities - current, classified within “Other accrued liabilities”$78,844 $76,913 
Finance lease liabilities - long-term, classified within “Other long-term obligations”122,524 178,053 
Total finance lease liabilities$201,368 $254,966 
Weighted average remaining lease term (years)
Operating leases2323
Finance leases99
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1) As of September 30, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $3.3 billion related to the Bellagio lease.
(2) As of September 30, 2026 and December 31, 2025, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2026 and December 31, 2025, operating lease liabilities – current included $14 million and $9 million related to the Bellagio lease, respectively.

Nine Months Ended
September 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$1,386,468 $1,403,082 
Operating cash outflows from finance leases11,194 12,304 
Financing cash outflows from finance leases(1)
54,268 52,952 
ROU assets obtained in exchange for new lease liabilities
Operating leases$9,401 $5,570 
Finance leases7,790 6,130 
(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)
2026 (excluding the nine months ended September 30, 2026)$457,298 $25,209 
20271,860,590 83,031 
20281,891,015 32,106 
20291,921,465 8,294 
20301,954,344 7,436 
Thereafter43,833,648 114,210 
Total future minimum lease payments51,918,360 270,286 
Less: Amount of lease payments representing interest(28,057,616)(68,918)
Present value of future minimum lease payments23,860,744 201,368 
Less: Current portion(110,993)(78,844)
Long-term portion of lease liabilities$23,749,751 $122,524