Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following tables detail our debt obligations as of June 30, 2026 and December 31, 2025:


($ In thousands)	June 30, 2026
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)	February 3, 2029	SOFR + 0.85%	$	—	$	—
CAD Borrowings (2)	February 3, 2029	CORRA + 0.85%	246,540		246,540
GBP Borrowings (2)	February 3, 2029	SONIA + 0.85%	21,882		21,882
MGM Grand/Mandalay Bay CMBS Debt	March 5, 2032	3.558%	3,000,000		2,840,986
2026 Maturities
4.500% Notes	September 1, 2026	4.500%	500,000		499,147
4.250% Notes	December 1, 2026	4.250%	1,250,000		1,248,811
2027 Maturities
5.750% Notes	February 1, 2027	5.750%	750,000		751,282
3.750% Notes	February 15, 2027	3.750%	750,000		748,952
2028 Maturities
4.500% Notes	January 15, 2028	4.500%	350,000		346,035
4.750% Notes	February 15, 2028	4.516% (3)	1,250,000		1,245,894
4.750% Notes	April 1, 2028	4.750%	400,000		397,674
2029 Maturities
3.875% Notes	February 15, 2029	3.875%	750,000		719,560
4.625% Notes	December 1, 2029	4.625%	1,000,000		994,532
2030 Maturities
4.950% Notes	February 15, 2030	4.541% (3)	1,000,000		993,684
4.125% Notes	August 15, 2030	4.125%	1,000,000		993,847
2031 Maturities
5.125% Notes	November 15, 2031	4.969% (3)	750,000		742,523
2032 Maturities
5.125% Notes	May 15, 2032	3.980% (3)	1,500,000		1,487,941
2034 Maturities
5.750% Notes	April 1, 2034	5.689% (3)	550,000		542,441
2035 Maturities
5.625% Notes	April 1, 2035	5.601% (3)	900,000		886,192
2052 Maturities
5.625% Notes	May 15, 2052	5.625%	750,000		737,089
2054 Maturities
6.125% Notes	April 1, 2054	6.125%	500,000		486,143
Total Debt		4.454% (4)	$	17,218,422	$	16,931,155


($ In thousands)	December 31, 2025
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)	February 3, 2029	SOFR + 0.85%	$	—	$	—
CAD Borrowings (2)	February 3, 2029	CORRA + 0.85%	120,219		120,219
GBP Borrowings (2)	February 3, 2029	SONIA + 0.85%	22,234		22,234
MGM Grand/Mandalay Bay CMBS Debt	March 5, 2032	3.558%	3,000,000		2,827,515
2026 Maturities
4.500% Notes	September 1, 2026	4.500%	500,000		496,596
4.250% Notes	December 1, 2026	4.250%	1,250,000		1,247,385
2027 Maturities
5.750% Notes	February 1, 2027	5.750%	750,000		752,382
3.750% Notes	February 15, 2027	3.750%	750,000		748,114
2028 Maturities
4.500% Notes	January 15, 2028	4.500%	350,000		344,756
4.750% Notes	February 15, 2028	4.516% (3)	1,250,000		1,244,632
4.750% Notes	April 1, 2028	4.750%	400,000		397,012
2029 Maturities
3.875% Notes	February 15, 2029	3.875%	750,000		713,898
4.625% Notes	December 1, 2029	4.625%	1,000,000		993,732
2030 Maturities
4.950% Notes	February 15, 2030	4.541% (3)	1,000,000		992,815
4.125% Notes	August 15, 2030	4.125%	1,000,000		993,101
2031 Maturities
5.125% Notes	November 15, 2031	4.969% (3)	750,000		741,828
2032 Maturities
5.125% Notes	May 15, 2032	3.980% (3)	1,500,000		1,486,918
2034 Maturities
5.750% Notes	April 1, 2034	5.689% (3)	550,000		541,956
2035 Maturities
5.625% Notes	April 1, 2035	5.601% (3)	900,000		885,409
2052 Maturities
5.625% Notes	May 15, 2052	5.625%	750,000		736,842
2054 Maturities
6.125% Notes	April 1, 2054	6.125%	500,000		485,897
Total Debt		4.464% (4)	$	17,092,453	$	16,773,241

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(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(2)Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.70% to 1.40% margin plus SOFR (or Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), as applicable), depending on our credit ratings and total leverage ratio. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.10% to 0.30%, depending on our credit ratings and total leverage ratio. For the three and six months ended June 30, 2026, the commitment fee for the Revolving Credit Facility averaged 0.20%.

(3)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 – Derivatives). The contractual interest rates on the April 2022 Notes (as defined below) maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively, the contractual interest rate on the March 2024 Notes (as defined below) maturing 2034 is 5.750%, the contractual interest rate on the December 2024 Notes (as defined below) maturing 2031 is 5.125%, and the contractual interest rate on the April 2025 Notes (as defined below) maturing 2035 is 5.625%.

(4)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps (as further described in Note 8 – Derivatives), as applicable. The contractual weighted average interest rate as of June 30, 2026, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.60%.

Schedule of Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum principal payments of our debt obligations as of June 30, 2026:


(In thousands)	Future Minimum Principal Payments
2026 (remaining)	$	1,750,000
2027	1,500,000
2028	2,000,000
2029	2,018,422
2030	2,000,000
2031	750,000
Thereafter	7,200,000
Total minimum principal payments	$	17,218,422