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Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

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:

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

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.