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Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments And Joint Ventures [Abstract] |
Investments in and Advances to Unconsolidated Affiliates | NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following:
|  | December 31, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
CityCenter Holdings, LLC – CityCenter (50%) |  | $ | 568,879 |  |  | $ | 589,965 |
Other |  |  | 253,487 |  |  |  | 142,902 |
|  | $ | 822,366 |  |  | $ | 732,867 |
The Company recorded its share of income from unconsolidated affiliates, including adjustments for basis differences, as follows:
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Income from unconsolidated affiliates |  | $ | 119,521 |  |  | $ | 147,690 |  |  | $ | 146,222 |
Preopening and start-up expenses |  |  | — |  |  |  | (3,321 | ) |  |  | — |
Non-operating items from unconsolidated affiliates |  |  | (62,296 | ) |  |  | (47,827 | ) |  |  | (34,751 | )
|  | $ | 57,225 |  |  | $ | 96,542 |  |  | $ | 111,471 |
The following table summarizes information related to the Company’s share of income from unconsolidated affiliates:
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
CityCenter |  | $ | 128,421 |  |  | $ | 138,383 |  |  | $ | 133,401 |
Other |  |  | (8,900 | ) |  |  | 9,307 |  |  |  | 12,821 |
|  | $ | 119,521 |  |  | $ | 147,690 |  |  | $ | 146,222 |
CityCenter Mandarin Oriental sale. On August 30, 2018, CityCenter closed the sale of the Mandarin Oriental and adjacent retail parcels for approximately $214 million. During the year ended December 31, 2018, CityCenter recognized a loss on the sale of the Mandarin Oriental of $133 million and the Company recognized a $12 million gain on the 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. During the year ended December 31, 2019, CityCenter paid $180 million in dividends and distributions, of which the Company received its 50% share, or approximately $90 million. During the year ended December 31, 2018, CityCenter paid $625 million in dividends and distributions, of which the Company received its 50% share, or approximately $313 million. During the year ended December 31, 2017, CityCenter paid $600 million in dividends and distributions, of which the Company received its 50% share, or approximately $300 million. Grand Victoria 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”. Unconsolidated Affiliate Financial Information - CityCenter Summarized balance sheet information is as follows:
|  | December 31, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
Current assets |  | $ | 405,918 |  |  | $ | 363,755 |
Property and other assets, net and other long-term assets |  |  | 5,982,059 |  |  |  | 6,167,853 |
Current liabilities |  |  | 295,815 |  |  |  | 347,710 |
Long-term debt and other long-term obligations |  |  | 1,782,411 |  |  |  | 1,763,290 |
Summarized results of operations are as follows:
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Net revenues |  | $ | 1,294,861 |  |  | $ | 1,277,745 |  |  | $ | 1,227,733 |
Operating income |  |  | 188,156 |  |  |  | 185,368 |  |  |  | 200,109 |
Income from continuing operations |  |  | 69,143 |  |  |  | 97,091 |  |  |  | 137,226 |
Net income (loss) |  |  | 69,143 |  |  |  | (37,911 | ) |  |  | 131,683 |
Basis Differences The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s share of venture-level equity and investment balances are as follows:
|  | December 31, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
Venture-level equity attributable to the Company |  | $ | 2,399,993 |  |  | $ | 2,347,103 |
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) |  |  | (509,382 | ) |  |  | (514,592 | )
CityCenter capitalized interest (2) |  |  | 177,898 |  |  |  | 186,830 |
CityCenter completion guarantee (3) |  |  | 261,708 |  |  |  | 274,685 |
CityCenter deferred gain (4) |  |  | (210,240 | ) |  |  | (212,276 | )
CityCenter capitalized interest on sponsor notes (5) |  |  | (34,755 | ) |  |  | (36,500 | )
Other-than-temporary impairments of CityCenter investment (6) |  |  | (1,304,317 | ) |  |  | (1,352,118 | )
Other adjustments |  |  | 41,461 |  |  |  | 39,735 |
|  | $ | 822,366 |  |  | $ | 732,867 |
| (1) | Primarily relates to land and fixed assets.
| (2) | Relates to interest capitalized on the Company’s investment balance during development and construction stages.
| (3) | Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members.
| (4) | Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter.
| (5) | Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013.
| (6) | The impairment of the Company’s CityCenter investment includes $352 million of impairments allocated to land as of December 31, 2019 and 2018.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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