Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Components of Lease Costs

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

	Three Months Ended
	March 31,
		2021			2020
	(In thousands)
Operating lease cost, primarily classified within "General and administrative"(1)	$	198,991		$	152,536
Finance lease costs
Interest expense(2)	$	(656	)	$	(952	)
Amortization expense		17,814			17,406
Total finance lease costs	$	17,158		$	16,454

(1) For the three months ended March 31, 2021 and 2020, operating lease cost includes $83 million related to the Bellagio lease for each of the respective periods, and $99 million and $51 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively.

(2) For the three months ended March 31, 2021 and 2020, interest expense includes the effect of COVID-19 related rent concessions received on certain finance leases, for which such effect was recognized as negative variable rent expense.

Schedule of Supplemental Balance Sheet Information Related to Leases

	March 31,		December 31,
	2021		2020
Supplemental balance sheet information	(In thousands)
Operating leases
Operating lease right-of-use assets, net(1)	$	8,240,897	$	8,286,694
Operating lease liabilities - current, classified within "Other accrued liabilities"	$	29,837	$	31,843
Operating lease liabilities - long-term(2)		8,392,216		8,390,117
Total operating lease liabilities	$	8,422,053	$	8,421,960
Finance leases
Finance lease right-of-use assets, net classified within "Property and equipment, net"	$	183,155	$	200,980
Finance lease liabilities - current, classified within "Other accrued liabilities"	$	76,496	$	80,193
Finance lease liabilities - long-term, classified within "Other long-term obligations"		116,591		134,287
Total finance lease liabilities	$	193,087	$	214,480
Weighted-average remaining lease term (years)
Operating leases		30		30
Finance leases		3		3
Weighted-average discount rate (%)
Operating leases		8		8
Finance leases		3		3

(1) As of March 31, 2021 and December 31, 2020, operating lease right-of-use assets, net included $3.7 billion related to the Bellagio lease for each of the respective periods, and $4.0 billion related to the Mandalay Bay and MGM Grand lease for each of the respective periods.

(2) As of March 31, 2021 and December 31, 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.1 billion related to the Mandalay Bay and MGM Grand lease for each of the respective periods.

Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities

	March 31,
		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	(In thousands)
Operating cash outflows from operating leases	$	154,504	$	122,906
Operating cash outflows from finance leases		1,456		1,722
Financing cash outflows from finance leases(1)		19,269		11,040
ROU assets obtained in exchange for new lease liabilities
Operating leases	$	—	$	4,121,442
Finance leases		—		167,089

(1) Included within “Other” within the “Cash flows from financing activities” on the accompanying consolidated statements of cash flows.

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases
Year ending December 31, 2021	(In thousands)
2021 (excluding the three months ended March 31, 2021)	$	458,381		$	62,116
2022		616,243			72,521
2023		625,359			63,714
2024		635,750			1,030
2025		644,801			515
Thereafter		19,801,045			—
Total future minimum lease payments		22,781,579			199,896
Less: Amount of lease payments representing interest		(14,359,526	)		(6,809	)
Present value of future minimum lease payments		8,422,053			193,087
Less: Current portion		(29,837	)		(76,496	)
Long-term portion of lease liabilities	$	8,392,216		$	116,591