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Investments in Unconsolidated Entities | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The following is a summary of our investments in unconsolidated entities as of June 30, 2024 and December 31, 2023 (dollars in thousands):
| Ownership % |  | Number of Properties |  | Carrying Amount (1) of Investment as of
Investment | As of June 30, 2024 |  | June 30, 2024 |  | December 31, 2023
Bellagio Las Vegas Joint Venture - Common Equity Interest | 21.9% |  | 1 |  | $ | 283,608 |  |  | $ | 296,097 |
Bellagio Las Vegas Joint Venture - Preferred Equity Interest | n/a |  | n/a |  | 650,000 |  |  | 650,000 |
Data Center Joint Venture | 80.0% |  | 2 |  | 286,151 |  |  | 226,021 |
Total investment in unconsolidated entities |  |  |  |  | $ | 1,219,759 |  |  | $ | 1,172,118 |
(1) The total carrying amount of the investments was greater than the underlying equity in net assets (i.e., basis difference) by $7.8 million as of June 30, 2024. The basis difference is primarily attributable to capitalized interest for the data center joint venture development funding. A. Bellagio Las Vegas Joint Venture Interests This joint venture owns a 95.0% interest in the real estate of The Bellagio Las Vegas. We made an initial investment in October 2023, including $301.4 million of common equity for an indirect interest of 21.9% in the property and a $650.0 million preferred equity interest. During the six months ended June 30, 2024, we recognized interest income of $26.3 million for 8.1% preferential cumulative distributions within 'Other' revenue in our consolidated statements of income and comprehensive income. The unconsolidated entity had total debt outstanding of $3.0 billion as of June 30, 2024, all of which was non-recourse to us with limited customary exceptions. B. Data Center Joint Venture We own an 80.0% equity interest in a joint venture that owns and operates two data centers that were substantially completed during the second quarter of 2024. Based on our reevaluation conducted during the second quarter of 2024, we determined that this joint venture is a VOE. As we do not control this joint venture, we account for it under the equity method. Our maximum exposure to loss associated with this VOE is limited to our equity investment and our pro rata share of the remaining $52.4 million of estimated development costs for the first phase of the project.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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