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Property Transactions, Net | 12 Months Ended
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Dec. 31, 2020
Property Plant And Equipment [Abstract] |
Property Transactions, Net | NOTE 16 — PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Loss related to sale of Circus Circus Las Vegas and adjacent land |  | $ | — |  |  | $ | 220,294 |  |  | $ | — |
Gain on sale of Grand Victoria |  |  | — |  |  |  | — |  |  |  | (44,703 | )
Other property transactions, net |  |  | 93,567 |  |  |  | 55,508 |  |  |  | 53,850 |
|  | $ | 93,567 |  |  | $ | 275,802 |  |  | $ | 9,147 |
Circus Circus Las Vegas and adjacent land. In December 2019, the Company completed the previously announced sale of Circus Circus Las Vegas and the adjacent land for $825 million, which consisted of $662.5 million paid in cash and a secured note due 2024 with a face value of $162.5 million and fair value of $133.7 million. The note has a stated interest rate of 3% for the first two years, 4% for following two years, and 4.5% for the fifth year and is secured by the borrower with the land adjacent to Circus Circus Las Vegas as collateral with an effective interest rate of 7.31%. The interest on the note, which is comprised of the stated interest and the discount on the note, will amortize into interest income using the effective interest method over the length of the agreement. The carrying value of the note receivable was $144 million and $134 million as of December 31, 2020 and 2019, respectively, and was recorded within “Other assets, net” in the consolidated balance sheets. During the third quarter of 2019, the Company recorded a non-cash impairment charge of $219 million, which reflects the amount by which the assets’ carrying value exceeds the assets’ fair value (expected selling price). We further recognized a loss of $2 million during the fourth quarter of 2019 primarily relating to selling costs. The assets and liabilities of Circus Circus Las Vegas and the adjacent land sold of $810 million and $14 million, respectively, primarily consisted of property and equipment, net of $785 million. Circus Circus Las Vegas is not classified as discontinued operations for the year ended December 31, 2019 because the Company concluded that the sale is not a strategic shift that has a major effect on the Company’s operations or its financial results and it does not represent a major geographic segment or product line. Grand Victoria investment sale. See Note 6 for additional information related to the sale of Grand Victoria investment in 2018. Other. Other property transactions, net in 2020 includes other-than-temporary impairment charges of $64 million related to an investment in an unconsolidated affiliate, as discussed in Note 6, as well as miscellaneous asset disposals and write-downs, including a loss of $17 million related to production show costs. Other property transactions, net for 2019 and 2018 includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, including, a loss of $24 million related to MGM Cotai production show costs and a loss of $20 million related to the rebranding of the Monte Carlo Resort and Casino to Park MGM and NoMad Las Vegas in 2018.

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