| 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.
Other information. Components of lease costs and other information related to the Company’s leases are: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (In thousands) | Operating lease cost, primarily classified within “General and administrative”(1) | $ | 575,293 | | | $ | 575,112 | | | $ | 1,725,494 | | | $ | 1,731,572 | | | | | | | | | | | Finance lease costs | | | | | | | | | Interest expense | $ | 8,891 | | | $ | 2,484 | | | $ | 27,701 | | | $ | 7,005 | | | Amortization expense | 14,755 | | | 17,030 | | | 40,711 | | | 51,869 | | | Total finance lease costs | $ | 23,646 | | | $ | 19,514 | | | $ | 68,412 | | | $ | 58,874 | |
(1)Operating lease cost includes $83 million for each of the three months ended September 30, 2024 and 2023 and $248 million for each of the nine months ended September 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party. | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | (In thousands) | | Operating leases | | | | Operating lease ROU assets, net(1) | $ | 23,658,647 | | | $ | 24,027,465 | | Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 88,364 | | | $ | 74,988 | | Operating lease liabilities - long-term(2) | 25,092,217 | | | 25,127,464 | | | Total operating lease liabilities | $ | 25,180,581 | | | $ | 25,202,452 | | | | | | | Finance leases | | | | Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 320,200 | | | $ | 85,783 | | Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 71,455 | | | $ | 9,166 | | Finance lease liabilities - long-term, classified within “Other long-term obligations” | 259,464 | | | 85,391 | | | Total finance lease liabilities | $ | 330,919 | | | $ | 94,557 | | | | | | | Weighted average remaining lease term (years) | | | | | Operating leases | 25 | | 25 | | Finance leases | 8 | | 22 | | | | | | Weighted average discount rate (%) | | | | | Operating leases | 7 | | | 7 | | | Finance leases | 6 | | | 6 | |
(1)As of September 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 September 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2024, operating lease liabilities – current included $2 million related to the Bellagio lease.
| | | | | | | | | | | | | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | Cash paid for amounts included in the measurement of lease liabilities | (In thousands) | | Operating cash outflows from operating leases | $ | 1,377,717 | | | $ | 1,350,828 | | | Operating cash outflows from finance leases | 11,389 | | | 4,917 | | Financing cash outflows from finance leases(1) | 38,745 | | | 53,211 | | | | | | | ROU assets obtained in exchange for new lease liabilities | | | | | Operating leases | $ | 5,079 | | | $ | 12,347 | | | Finance leases | 272,878 | | | 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 nine months ended September 30, 2024) | $ | 459,142 | | | $ | 25,229 | | | 2025 | 1,864,318 | | | 84,460 | | | 2026 | 1,889,911 | | | 81,026 | | | 2027 | 1,917,382 | | | 80,708 | | | 2028 | 1,945,374 | | | 29,445 | | | Thereafter | 48,944,154 | | | 128,248 | | | Total future minimum lease payments | 57,020,281 | | | 429,116 | | | Less: Amount of lease payments representing interest | (31,839,700) | | | (98,197) | | | Present value of future minimum lease payments | 25,180,581 | | | 330,919 | | | Less: Current portion | (88,364) | | | (71,455) | | | Long-term portion of lease liabilities | $ | 25,092,217 | | | $ | 259,464 | |
|
| 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.
Other information. Components of lease costs and other information related to the Company’s leases are: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (In thousands) | Operating lease cost, primarily classified within “General and administrative”(1) | $ | 575,293 | | | $ | 575,112 | | | $ | 1,725,494 | | | $ | 1,731,572 | | | | | | | | | | | Finance lease costs | | | | | | | | | Interest expense | $ | 8,891 | | | $ | 2,484 | | | $ | 27,701 | | | $ | 7,005 | | | Amortization expense | 14,755 | | | 17,030 | | | 40,711 | | | 51,869 | | | Total finance lease costs | $ | 23,646 | | | $ | 19,514 | | | $ | 68,412 | | | $ | 58,874 | |
(1)Operating lease cost includes $83 million for each of the three months ended September 30, 2024 and 2023 and $248 million for each of the nine months ended September 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party. | | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | | (In thousands) | | Operating leases | | | | Operating lease ROU assets, net(1) | $ | 23,658,647 | | | $ | 24,027,465 | | Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 88,364 | | | $ | 74,988 | | Operating lease liabilities - long-term(2) | 25,092,217 | | | 25,127,464 | | | Total operating lease liabilities | $ | 25,180,581 | | | $ | 25,202,452 | | | | | | | Finance leases | | | | Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 320,200 | | | $ | 85,783 | | Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 71,455 | | | $ | 9,166 | | Finance lease liabilities - long-term, classified within “Other long-term obligations” | 259,464 | | | 85,391 | | | Total finance lease liabilities | $ | 330,919 | | | $ | 94,557 | | | | | | | Weighted average remaining lease term (years) | | | | | Operating leases | 25 | | 25 | | Finance leases | 8 | | 22 | | | | | | Weighted average discount rate (%) | | | | | Operating leases | 7 | | | 7 | | | Finance leases | 6 | | | 6 | |
(1)As of September 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 September 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2024, operating lease liabilities – current included $2 million related to the Bellagio lease.
| | | | | | | | | | | | | | Nine Months Ended
September 30, | | | 2024 | | 2023 | | Cash paid for amounts included in the measurement of lease liabilities | (In thousands) | | Operating cash outflows from operating leases | $ | 1,377,717 | | | $ | 1,350,828 | | | Operating cash outflows from finance leases | 11,389 | | | 4,917 | | Financing cash outflows from finance leases(1) | 38,745 | | | 53,211 | | | | | | | ROU assets obtained in exchange for new lease liabilities | | | | | Operating leases | $ | 5,079 | | | $ | 12,347 | | | Finance leases | 272,878 | | | 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 nine months ended September 30, 2024) | $ | 459,142 | | | $ | 25,229 | | | 2025 | 1,864,318 | | | 84,460 | | | 2026 | 1,889,911 | | | 81,026 | | | 2027 | 1,917,382 | | | 80,708 | | | 2028 | 1,945,374 | | | 29,445 | | | Thereafter | 48,944,154 | | | 128,248 | | | Total future minimum lease payments | 57,020,281 | | | 429,116 | | | Less: Amount of lease payments representing interest | (31,839,700) | | | (98,197) | | | Present value of future minimum lease payments | 25,180,581 | | | 330,919 | | | Less: Current portion | (88,364) | | | (71,455) | | | Long-term portion of lease liabilities | $ | 25,092,217 | | | $ | 259,464 | |
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