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Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2020
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, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
CityCenter Holdings, LLC – CityCenter (50%) |  | $ | 441,893 |  |  | $ | 568,879 |
MGP BREIT Venture (50.1% owned by the Operating Partnership) |  |  | 810,066 |  |  |  | — |
Other |  |  | 195,084 |  |  |  | 253,487 |
|  | $ | 1,447,043 |  |  | $ | 822,366 |
The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Income from unconsolidated affiliates |  | $ | 42,938 |  |  | $ | 119,521 |  |  | $ | 147,690 |
Preopening and start-up expenses |  |  | — |  |  |  | — |  |  |  | (3,321 | )
Non-operating items from unconsolidated affiliates |  |  | (103,304 | ) |  |  | (62,296 | ) |  |  | (47,827 | )
|  | $ | (60,366 | ) |  | $ | 57,225 |  |  | $ | 96,542 |
The following table summarizes further information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
CityCenter |  | $ | (29,753 | ) |  | $ | 128,421 |  |  | $ | 138,383 |
MGP BREIT Venture |  |  | 136,755 |  |  |  | — |  |  |  | — |
Other |  |  | (64,064 | ) |  |  | (8,900 | ) |  |  | 9,307 |
|  | $ | 42,938 |  |  | $ | 119,521 |  |  | $ | 147,690 |
MGP BREIT Venture distributions. For year ended December 31, 2020, the Operating Partnership received $81 million in distributions from MGP BREIT Venture. Other. During the year ended December 31, 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 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” in the consolidated statements of operations. CityCenter distributions. During the year ended December 31, 2020, CityCenter paid $101 million in distributions, of which the Company received its 50% share, or approximately $51 million. During the year ended December 31, 2019, CityCenter paid $180 million in 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 distributions, of which the Company received its 50% share, or approximately $313 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” in the consolidated statements of operations. Unconsolidated Affiliate Financial Information – CityCenter & MGP BREIT Venture Summarized balance sheet information is as follows:
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 96,758 |  |  | $ | 246,269 |
Property and equipment, net |  |  | 10,237,004 |  |  |  | 5,937,382 |
Other assets, net |  |  | 256,813 |  |  |  | 204,326 |
Debt, net |  |  | 4,715,997 |  |  |  | 1,734,770 |
Other liabilities |  |  | 270,583 |  |  |  | 343,456 |
Summarized results of operations are as follows:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Net revenues |  | $ | 869,638 |  |  | $ | 1,294,861 |  |  | $ | 1,277,745 |
Income (loss) from continuing operations |  |  | (43,749 | ) |  |  | 69,143 |  |  |  | 97,091 |
Net income (loss) |  |  | (43,749 | ) |  |  | 69,143 |  |  |  | (37,911 | )
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, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Venture-level equity attributable to the Company |  | $ | 2,981,550 |  |  | $ | 2,399,993 |
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) |  |  | (504,171 | ) |  |  | (509,382 | )
CityCenter capitalized interest (2) |  |  | 168,966 |  |  |  | 177,898 |
CityCenter completion guarantee (3) |  |  | 248,730 |  |  |  | 261,708 |
CityCenter deferred gain (4) |  |  | (208,204 | ) |  |  | (210,240 | )
CityCenter capitalized interest on sponsor notes (5) |  |  | (33,010 | ) |  |  | (34,755 | )
Other-than-temporary impairments of CityCenter investment (6) |  |  | (1,256,516 | ) |  |  | (1,304,317 | )
Other adjustments |  |  | 49,698 |  |  |  | 41,461 |
|  | $ | 1,447,043 |  |  | $ | 822,366 |
| (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.

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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 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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