v3.26.1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Components of Lease Costs
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$558,784 $574,304 $1,129,657 $1,148,461 
Finance lease costs
Interest expense$3,659 $4,068 $7,155 $8,386 
Amortization expense18,134 18,031 37,142 36,202 
Total finance lease costs$21,793 $22,099 $44,297 $44,588 
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2026 and 2025 and $166 million for each of the six months ended June 30, 2026 and 2025 related to the Bellagio lease, which is held with a related party.
 Six Months Ended
June 30,
 20262025
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$926,205 $938,333 
Operating cash outflows from finance leases7,155 8,386 
Financing cash outflows from finance leases(1)
38,007 33,883 
ROU assets obtained in exchange for new lease liabilities
Operating leases$3,592 $5,555 
Finance leases4,726 — 
(1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Schedule of Supplemental Balance Sheet Information Related to Leases
 June 30,
2026		December 31,
2025
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$21,659,125 $23,002,707 
Operating lease liabilities - current, classified within “Other accrued liabilities”
$99,076 $106,005 
Operating lease liabilities - long-term(2)
23,778,515 24,962,742 
Total operating lease liabilities$23,877,591 $25,068,747 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$195,963 $236,861 
Finance lease liabilities - current, classified within “Other accrued liabilities”
$72,981 $76,913 
Finance lease liabilities - long-term, classified within “Other long-term obligations”
139,675 178,053 
Total finance lease liabilities$212,656 $254,966 
Weighted average remaining lease term (years)
Operating leases2323
Finance leases99
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1) As of June 30, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $3.3 billion related to the Bellagio lease.
(2) As of June 30, 2026 and December 31, 2025, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2026 and December 31, 2025, operating lease liabilities – current included $12 million and $9 million related to the Bellagio lease, respectively.
Schedule of Operating Lease Maturity
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2026 (excluding the six months ended June 30, 2026)$916,232 $42,751 
20271,858,458 80,180 
20281,889,613 31,409 
20291,920,558 7,970 
20301,953,636 7,436 
Thereafter43,832,324 114,210 
Total future minimum lease payments52,370,821 283,956 
Less: Amount of lease payments representing interest(28,493,230)(71,300)
Present value of future minimum lease payments23,877,591 212,656 
Less: Current portion(99,076)(72,981)
Long-term portion of lease liabilities$23,778,515 $139,675 
Schedule of Finance Lease Maturity
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2026 (excluding the six months ended June 30, 2026)$916,232 $42,751 
20271,858,458 80,180 
20281,889,613 31,409 
20291,920,558 7,970 
20301,953,636 7,436 
Thereafter43,832,324 114,210 
Total future minimum lease payments52,370,821 283,956 
Less: Amount of lease payments representing interest(28,493,230)(71,300)
Present value of future minimum lease payments23,877,591 212,656 
Less: Current portion(99,076)(72,981)
Long-term portion of lease liabilities$23,778,515 $139,675