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Investments in and Advances to Unconsolidated Affiliates
6 Months Ended
Jun. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]  
Investments in and Advances to Unconsolidated Affiliates

NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

 

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

 

 

June 30,

 

 

December 31,

 

 

2020

 

 

2019

 

 

(In thousands)

 

CityCenter Holdings, LLC – CityCenter (50%)

$

468,815

 

 

$

568,879

 

MGP BREIT Venture (50.1% owned by the Operating Partnership)

 

805,583

 

 

 

 

Other

 

194,097

 

 

 

253,487

 

 

$

1,468,495

 

 

$

822,366

 

 

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(In thousands)

 

Income (loss) from unconsolidated affiliates

$

(8,353

)

 

$

27,004

 

 

$

27,395

 

 

$

65,753

 

Non-operating items from unconsolidated affiliates

 

(23,761

)

 

 

(21,477

)

 

 

(56,382

)

 

 

(39,642

)

 

$

(32,114

)

 

$

5,527

 

 

$

(28,987

)

 

$

26,111

 

 

The following table summarizes information related to the Company’s share of income (loss) from unconsolidated affiliates:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(In thousands)

 

CityCenter

$

(39,113

)

 

$

31,506

 

 

$

(18,447

)

 

$

66,355

 

MGP BREIT Venture

 

38,861

 

 

 

 

 

 

58,811

 

 

 

 

Other

 

(8,101

)

 

 

(4,502

)

 

 

(12,969

)

 

 

(602

)

 

$

(8,353

)

 

$

27,004

 

 

$

27,395

 

 

$

65,753

 

 

CityCenter distributions. In April 2020, CityCenter paid a $101 million distribution, of which the Company received its 50% share, or approximately $51 million. In April 2019, CityCenter paid a $116 million distribution, of which the Company received its 50% share, or approximately $58 million. In March 2019, CityCenter paid a $64 million distribution, of which the Company received its 50% share, or approximately $32 million.

 

MGP BREIT Venture distributions. For the three and six months ended June 30, 2020, the Operating Partnership received $23 million and $35 million in distributions from MGP BREIT Venture, respectively.

 

Other. During the three and six months ended June 30, 2020, the Company recognized other-than-temporary impairment charges of $26 million and $64 million, respectively, within “Property transactions, net” in the consolidated statements of operations related to an investment in an unconsolidated affiliate classified within “Other” in the “Investments in and advances to unconsolidated affiliates” table above.