Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Future Minimum Lease Payments for Financing Obligation

The future minimum payments related to the GLPI leases, including the Lumière Lease, and VICI leases financing obligation, as amended, at September 30, 2020 were as follows:

(In millions)	GLPI Leases		VICI Leases
2020 (excluding the nine months ended September 30, 2020)	$	27	$	268
2021	109		1,079
2022	109		1,097
2023	111		1,119
2024	112		1,139
Thereafter	4,880		46,737
Total future payments	5,348		51,439
Less: Amounts representing interest	(4,522)		(41,020)
Plus: Residual values	399		906
Financing obligation	$	1,225	$	11,325

Schedule of Cash Paid for Financing Obligation

Cash payments made relating to our long-term financing obligations during the three and nine months ended September 30, 2020 and 2019 are as follows:

	GLPI Leases (a)								VICI Leases
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019		2020		2019		2020		2019
Cash paid for principal	$	22	$	22	$	66	$	66	$	49	$	—	$	49	$	—
Cash paid for interest	24		25		74		74		128		—		128		—

____________________

(a)For the initial periods of the GLPI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.