v3.26.1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
 June 30,
2026		 December 31,
2025
 (In thousands)
Senior secured yen credit facility$333,360 $346,528 
MGM China revolving credit facility344,274 488,247 
5.875% MGM China senior notes, due 2026
— 750,000 
4.625% senior notes, due 2026
400,000 400,000 
5.5% senior notes, due 2027
675,000 675,000 
4.75% MGM China senior notes, due 2027
750,000 750,000 
4.75% senior notes, due 2028
750,000 750,000 
6.125% senior notes, due 2029
850,000 850,000 
7.125% MGM China senior notes, due 2031
500,000 500,000 
6.5% senior notes, due 2032
750,000 750,000 
6.25% MGM China senior notes, due 2033
750,000 — 
7% debentures, due 2036
552 552 
6,103,186 6,260,327 
Less: Unamortized discounts and debt issuance costs, net(34,744)(30,186)
$6,068,442 $6,230,141 

Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis.

Senior secured credit facility. At June 30, 2026, the Company’s senior secured credit facility consisted of a $2.3 billion revolving credit facility, of which no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026.
Senior secured yen credit facility. At June 30, 2026 the Company’s senior secured yen credit facility consisted of a JPY54.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY67.8 billion. At June 30, 2026, the interest rate was 3.17%.

The Company’s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026.

MGM China revolving credit facility. At June 30, 2026, the MGM China revolving credit facility consisted of a HK$23.4 billion (approximately $3.0 billion) senior unsecured revolving credit facility. At June 30, 2026, the weighted average interest rate was 4.85%.

The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative, and financial covenants. MGM China was in compliance with its credit facility covenants at June 30, 2026.

MGM China senior notes. In May 2026, MGM China repaid its $750 million in aggregate principal amount of 5.875% notes due 2026 at maturity.

In May 2026, MGM China issued $750 million in aggregate principal amount of 6.25% notes due 2033.

In June 2025, MGM China repaid its $500 million in aggregate principal amount of 5.25% notes due 2025 at maturity.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.1 billion and $6.3 billion at June 30, 2026 and December 31, 2025, respectively.