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Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables detail our debt obligations as of March 31, 2023 and December 31, 2022:
($ In thousands)March 31, 2023
Description of DebtMaturityInterest RatePrincipal Amount
Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)
2026
SOFR + 1.05%
$— $— 
CAD Borrowings (2) (3)
2026
CDOR + 1.05%
103,572 103,572 
MGM Grand/Mandalay Bay CMBS Debt (4)
2032
3.558%
3,000,000 2,753,800 
November 2019 Notes (5)
2026 Maturity20264.250%1,250,000 1,239,538 
2029 Maturity20294.625%1,000,000 989,331 
February 2020 Notes (5)
2025 Maturity20253.500%750,000 745,606 
2027 Maturity20273.750%750,000 743,505 
2030 Maturity20304.125%1,000,000 988,999 
April 2022 Notes (5)
2025 Maturity20254.375%500,000 496,701 
2028 Maturity2028
4.516% (6)
1,250,000 1,237,710 
2030 Maturity2030
4.541% (6)
1,000,000 988,050 
2032 Maturity2032
3.980% (6)
1,500,000 1,481,308 
2052 Maturity20525.625%750,000 735,483 
Exchange Notes (5)
2024 Maturity20245.625%1,024,169 1,028,276 
2025 Maturity20254.625%799,368 785,244 
2026 Maturity20264.500%480,524 464,191 
2027 Maturity20275.750%729,466 737,943 
2028 Maturity20284.500%349,325 337,168 
2029 Maturity20293.875%727,114 663,086 
MGP OP Notes (5)
2024 Maturity20245.625%25,831 25,888 
2025 Maturity20254.625%632 617 
2026 Maturity20264.500%19,476 18,604 
2027 Maturity20275.750%20,534 20,521 
2028 Maturity20284.500%675 641 
2029 Maturity20293.875%22,886 20,458 
Total Debt
4.340% (7)
$17,053,572 $16,606,240 
($ In thousands)December 31, 2022
Description of Debt
Maturity		Interest RatePrincipal Amount
Carrying Value (1)
Revolving Credit Facility (2)(3)
2026
SOFR + 1.05%
$— $— 
Delayed Draw Term Loan (8)
2025
SOFR + 1.20%
— — 
November 2019 Notes (5)
2026 Maturity20264.250%1,250,000 1,238,825 
2029 Maturity20294.625%1,000,000 988,931 
February 2020 Notes (5)
2025 Maturity20253.500%750,000 745,020 
2027 Maturity20273.750%750,000 743,086 
2030 Maturity20304.125%1,000,000 988,626 
April 2022 Notes (5)
2025 Maturity20254.375%500,000 496,314 
2028 Maturity2028
4.516% (6)
1,250,000 1,237,082 
2030 Maturity2030
4.541% (6)
1,000,000 987,618 
2032 Maturity2032
3.980% (6)
1,500,000 1,480,799 
2052 Maturity20525.625%750,000 735,360 
Exchange Notes (5)
2024 Maturity20245.625%1,024,169 1,029,226 
2025 Maturity20254.625%799,368 783,659 
2026 Maturity20264.500%480,524 463,018 
2027 Maturity20275.750%729,466 738,499 
2028 Maturity20284.500%349,325 336,545 
2029 Maturity20293.875%727,114 660,489 
MGP OP Notes (5)
2024 Maturity20245.625%25,831 25,901 
2025 Maturity20254.625%632 615 
2026 Maturity20264.500%19,476 18,542 
2027 Maturity20275.750%20,534 20,520 
2028 Maturity20284.500%675 639 
2029 Maturity20293.875%22,886 20,361 
Total Debt
4.496% (7)
$13,950,000 $13,739,675 
____________________
(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.
(2)Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR (or CDOR, as applicable) with an additional 0.10% adjustment for SOFR loans, as applicable. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, depending on our credit ratings. For the three months ended March 31, 2023, the commitment fee for the Revolving Credit Facility was 0.250%.
(3)On January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. The balance above is inclusive of foreign currency remeasurement.
(4)Interest is payable monthly.
(5)Interest is payable semi-annually.
(6)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively.
(7)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of March 31, 2023, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.45%.
(8)The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. On February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule
The following table is a schedule of future minimum principal payments of our debt obligations as of March 31, 2023:
(In thousands)Future Minimum Principal Payments
2023 (remaining)$— 
20241,050,000 
20252,050,000 
20261,853,572 
20271,500,000 
20281,600,000 
Thereafter9,000,000 
Total minimum principal payments$17,053,572