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Investments in and Advances to Unconsolidated Affiliates
9 Months Ended
Sep. 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:  

 

 

September 30,

 

 

December 31,

 

 

2020

 

 

2019

 

 

(In thousands)

 

CityCenter Holdings, LLC – CityCenter (50%)

$

454,767

 

 

$

568,879

 

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

 

807,936

 

 

 

 

Other

 

211,252

 

 

 

253,487

 

 

$

1,473,955

 

 

$

822,366

 

 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(In thousands)

 

Income from unconsolidated affiliates

$

20,635

 

 

$

36,214

 

 

$

48,030

 

 

$

101,967

 

Non-operating items from unconsolidated affiliates

 

(23,604

)

 

 

(14,669

)

 

 

(79,986

)

 

 

(54,311

)

 

$

(2,969

)

 

$

21,545

 

 

$

(31,956

)

 

$

47,656

 

 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(In thousands)

 

CityCenter

$

(6,041

)

 

$

39,317

 

 

$

(24,489

)

 

$

105,672

 

MGP BREIT Venture

 

38,976

 

 

 

 

 

 

97,787

 

 

 

 

Other

 

(12,300

)

 

 

(3,103

)

 

 

(25,268

)

 

 

(3,705

)

 

$

20,635

 

 

$

36,214

 

 

$

48,030

 

 

$

101,967

 

 

MGP BREIT Venture distributions. For the three and nine months ended September 30, 2020, the Operating Partnership received $23 million and $58 million in distributions from MGP BREIT Venture, respectively.

 

Other. During the nine months ended September 30, 2020, the Company recognized other-than-temporary impairment charges of $64 million 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.

 

CityCenter

 

Summarized income statement information for CityCenter is as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(In thousands)

 

Net revenues

$

126,673

 

 

$

320,352

 

 

$

394,989

 

 

$

993,215

 

Operating income (loss)

 

(29,254

)

 

 

61,464

 

 

 

(100,491

)

 

 

159,831

 

Net income (loss)

 

(45,267

)

 

 

33,082

 

 

 

(178,588

)

 

 

56,079

 

 

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.