13 unchanged sentences
Fixed-rate $ 1,150 $ 1,425 $ 750 $ 850 $ — $ 1,250 $ 5,425 $ 5,492
−Removed: Average interest rate 5.3 % 5.4 % 5.1 % 4.8 % 6.1 % 6.8 % 5.6 %
+Added: Average interest rate 5.4 % 5.1 % 4.8 % 6.1 % N/A 6.8 % 5.7 %
Variable rate $ — $ — $ — $ — $ 835 $ — $ 835 $ 835
2 unchanged sentences
Our worldwide operations are conducted in multiple foreign currencies, but we report our financial results in U.S.
−Removed: We manage the foreign currency risk through normal operating activities and, when
−Removed: deemed appropriate, through the use of derivative instruments.
+Added: We manage the foreign currency risk through normal operating activities and, when deemed appropriate, through the use of derivative instruments or foreign currency denominated debt.
We do not enter into derivative instruments for trading or speculative purposes.
7 unchanged sentences
As of December 31, 2025 , a 10% adverse change in the exchange rate would result in a foreign currency transaction loss of $220 million.
−Removed: We hold forward foreign exchange contracts to hedge certain portions of forecasted cash flows denominated in Japanese yen.
−Removed: As of December 31, 2024 , the notional amount of forward contracts was $1.3 billion and a 10% adverse change in the exchange rate would result in a foreign currency transaction loss of approximately $127 million.
+Added: We have commitments to fund MGM Osaka, which are denominated in Japanese yen, of JPY 356.9 billion (approximately $2.3 billion) as of December 31, 2025.
+Added: As of December 31, 2025, a 10% adverse change in the exchange rate would result in a $228 million increase in the funding commitment.
+Added: To manage this exchange rate risk, we hold forward currency exchange contracts with a notional amount of JPY154.3 billion and a senior secured yen credit facility, which consists of a JPY54.2 billion term loan A facility with an option to increase the amount of the facility to JPY67.8 billion, each as of December 31, 2025.
+Added: The forward contracts and senior secured yen credit facility are denominated in Japanese yen, which may cause foreign currency transaction losses.
+Added: As of December 31, 2025, a 10% adverse change in the exchange rate would result in a foreign currency transaction loss of approximately $109 million and $35 million for the forward contracts and the senior secured yen credit facility, respectively.
Equity price risk.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.