LEASES

6 Months Ended

Jun. 30, 2024

The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements.

Other information. Components of lease costs and other information related to the Company’s leases are:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)	$	575,258	$	575,472	$	1,150,201	$	1,156,460

Finance lease costs
Interest expense	$	9,926	$	3,107	$	18,810	$	4,521
Amortization expense	13,060		17,313		25,956		34,839
Total finance lease costs	$	22,986	$	20,420	$	44,766	$	39,360

(1)Operating lease cost includes $83 million for each of the three months ended June 30, 2024 and 2023 and $166 million for each of the six months ended June 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party.


	June 30, 2024		December 31, 2023
	(In thousands)
Operating leases
Operating lease ROU assets, net(1)	$	23,785,252	$	24,027,465
Operating lease liabilities - current, classified within “Other accrued liabilities”	$	83,235	$	74,988
Operating lease liabilities - long-term(2)	25,110,920		25,127,464
Total operating lease liabilities	$	25,194,155	$	25,202,452

Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”	$	248,980	$	85,783
Finance lease liabilities - current, classified within “Other accrued liabilities”	$	55,736	$	9,166
Finance lease liabilities - long-term, classified within “Other long-term obligations”	205,413		85,391
Total finance lease liabilities	$	261,149	$	94,557

Weighted average remaining lease term (years)
Operating leases	25		25
Finance leases	10		22

Weighted average discount rate (%)
Operating leases	7		7
Finance leases	6		6

(1)As of June 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively.

(2)As of June 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2024, operating lease liabilities – current included $1 million related to the Bellagio lease.


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	(In thousands)
Operating cash outflows from operating leases	$	916,403	$	904,726
Operating cash outflows from finance leases	7,471		3,395
Financing cash outflows from finance leases(1)	22,536		34,773

ROU assets obtained in exchange for new lease liabilities
Operating leases	$	3,351	$	11,245
Finance leases	186,924		518

(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)
2024 (excluding the six months ended June 30, 2024)	$	920,263	$	37,835
2025	1,863,649		61,968
2026	1,889,504		58,536
2027	1,917,105		58,306
2028	1,945,255		7,165
Thereafter	48,944,106		128,248
Total future minimum lease payments	57,479,882		352,058
Less: Amount of lease payments representing interest	(32,285,727)		(90,909)
Present value of future minimum lease payments	25,194,155		261,149
Less: Current portion	(83,235)		(55,736)
Long-term portion of lease liabilities	$	25,110,920	$	205,413

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.

Other information. Components of lease costs and other information related to the Company’s leases are:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)	$	575,258	$	575,472	$	1,150,201	$	1,156,460

Finance lease costs
Interest expense	$	9,926	$	3,107	$	18,810	$	4,521
Amortization expense	13,060		17,313		25,956		34,839
Total finance lease costs	$	22,986	$	20,420	$	44,766	$	39,360


	June 30, 2024		December 31, 2023
	(In thousands)
Operating leases
Operating lease ROU assets, net(1)	$	23,785,252	$	24,027,465
Operating lease liabilities - current, classified within “Other accrued liabilities”	$	83,235	$	74,988
Operating lease liabilities - long-term(2)	25,110,920		25,127,464
Total operating lease liabilities	$	25,194,155	$	25,202,452

Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”	$	248,980	$	85,783
Finance lease liabilities - current, classified within “Other accrued liabilities”	$	55,736	$	9,166
Finance lease liabilities - long-term, classified within “Other long-term obligations”	205,413		85,391
Total finance lease liabilities	$	261,149	$	94,557

Weighted average remaining lease term (years)
Operating leases	25		25
Finance leases	10		22

Weighted average discount rate (%)
Operating leases	7		7
Finance leases	6		6

(1)As of June 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively.


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	(In thousands)
Operating cash outflows from operating leases	$	916,403	$	904,726
Operating cash outflows from finance leases	7,471		3,395
Financing cash outflows from finance leases(1)	22,536		34,773

ROU assets obtained in exchange for new lease liabilities
Operating leases	$	3,351	$	11,245
Finance leases	186,924		518

(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)
2024 (excluding the six months ended June 30, 2024)	$	920,263	$	37,835
2025	1,863,649		61,968
2026	1,889,504		58,536
2027	1,917,105		58,306
2028	1,945,255		7,165
Thereafter	48,944,106		128,248
Total future minimum lease payments	57,479,882		352,058
Less: Amount of lease payments representing interest	(32,285,727)		(90,909)
Present value of future minimum lease payments	25,194,155		261,149
Less: Current portion	(83,235)		(55,736)
Long-term portion of lease liabilities	$	25,110,920	$	205,413