XML 62 R33.htm IDEA: XBRL DOCUMENT

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2020

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:

Unconsolidated Affiliate Financial Information – CityCenter & MGP BREIT Venture

Summarized balance sheet information is as follows:

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	)

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.