Investments in and advances to unconsolidated affiliates consisted of the following:

	September 30,		December 31,
	2019		2018
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	553,761	$	589,965
Other		205,231		142,902
	$	758,992	$	732,867

The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	(In thousands)
Income from unconsolidated affiliates	$	36,214		$	35,495		$	101,967		$	115,201
Preopening and start-up expenses		—			—			—			(3,321	)
Non-operating items from unconsolidated affiliates		(14,669	)		(11,583	)		(54,311	)		(31,661	)
	$	21,545		$	23,912		$	47,656		$	80,219

Grand Victoria sale. On August 7, 2018, the Company, along with its joint venture partner, completed the sale of Grand Victoria, of which a subsidiary of the Company owned a 50% interest, for $328 million in cash. The Company recorded a gain of $45 million related to the sale, which is recorded within “Property transactions, net.”

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019		2018			2019		2018
	(In thousands)
Net revenues	$	320,352	$	294,387		$	993,215	$	942,871
Operating income		61,464		26,105			159,831		139,977
Income from continuing operations		33,082		4,842			56,079		81,718
Net income (loss)		33,082		(1,227	)		56,079		(52,899	)

Mandarin Oriental. On August 30, 2018, CityCenter closed the sale of the Mandarin Oriental Las Vegas (“Mandarin Oriental”) and adjacent retail parcels for approximately $214 million. During the three and nine months ended September 30, 2018, CityCenter recognized a loss on sale of the Mandarin Oriental of $6 million and $133 million, respectively. During the three and nine months ended September 30, 2018, the Company recognized a $12 million gain on sale related to the reversal of basis differences in excess of its share of the loss recorded by CityCenter, which is recorded within “Income from unconsolidated affiliates.”

CityCenter distributions. In March 2019, CityCenter paid a $64 million dividend, of which the Company received its 50% share, or approximately $32 million. In April 2019, CityCenter paid a $116 million dividend, of which the Company received its 50% share, or approximately $58 million. In September 2018, CityCenter paid a $225 million dividend, of which the Company received its 50% share, or approximately $113 million. In May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million.