Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Leases Recorded on Balance Sheet

Leases recorded on the balance sheet consist of the following:

(In millions)	Classification on the Balance Sheet	December 31, 2020		December 31, 2019
ASSETS
Operating lease ROU assets (a)	Other assets, net	$	424	$	188
LIABILITIES
Current operating lease liabilities (a)	Accrued other liabilities	52		20
Non-current operating lease liabilities (a)	Other long-term liabilities	445		177

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(a)As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less.

Schedule of Other Information Related to Lease Terms and Discount Rates

Other information related to lease terms and discount rates are as follows:

	December 31, 2020	December 31, 2019
Weighted Average Remaining Lease Term	24.3 years	34.0 years
Weighted Average Discount Rate	8.3%	7.2%

Components of Lease Expense

The components of lease expense are as follows:

	Years Ended December 31,
(In millions)	2020		2019
Operating lease expense	$	51	$	20
Short-term and variable lease expense	49		42
Total operating lease costs	$	100	$	62

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

	Years Ended December 31,
(In millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	46	$	24

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities are summarized as follows:

(In millions)	Operating Leases
2021	$	85
2022	76
2023	71
2024	37
2025	35
Thereafter	1,272
Total future minimum lease payments	1,576
Less: present value factor	(1,079)
Total lease liability	$	497

Schedule of Future Minimum Lease Payments for Financing Obligation

The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2020 were as follows:

(In millions)	GLPI Leases		VICI Leases
2021	$	109	$	961
2022	110		1,066
2023	111		1,087
2024	112		1,107
2025	114		1,122
Thereafter	4,789		44,223
Total future payments	5,345		49,566
Less: Amounts representing interest	(4,355)		(39,459)
Plus: Residual values	241		897
Financing obligation	$	1,231	$	11,004

Schedule of Cash Paid for Financing Obligation

Cash payments made relating to our long-term financing obligations during the years ended December 31, 2020 and 2019 were as follows:

	GLPI Leases (a)				VICI Leases (a)
	December 31,				December 31,
(In millions)	2020		2019		2020		2019
Cash paid for principal	$	—	$	—	$	49	$	—
Cash paid for interest	93		88		472		—

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(a)For the initial periods of the GLPI and VICI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.

Schedule of Maturity of Lessor Lease Receivables

Maturity of Lease Receivables as of December 31, 2020
(In millions)	Operating Leases
2021	$	50
2022	50
2023	47
2024	41
2025	37
Thereafter	719
Total	$	944