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Investments in and Advances to Unconsolidated Affiliates | 6 Months Ended
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Jun. 30, 2021
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, |
| 2021 |  |  | 2020 |
| (In thousands) |
CityCenter Holdings, LLC – CityCenter (50%) | $ | 515,472 |  |  | $ | 441,893 |
MGP BREIT Venture (50.1% owned by the Operating Partnership) |  | 813,850 |  |  |  | 810,066 |
BetMGM (50%) |  | 22,057 |  |  |  | 27,310 |
Other |  | 133,338 |  |  |  | 167,774 |
| $ | 1,484,717 |  |  | $ | 1,447,043 |
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, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
| (In thousands) |
Income (loss) from unconsolidated affiliates | $ | 83,338 |  |  | $ | (8,353 | ) |  | $ | 57,759 |  |  | $ | 27,395 |
Non-operating items from unconsolidated affiliates |  | (23,216 | ) |  |  | (23,761 | ) |  |  | (44,052 | ) |  |  | (56,382 | )
| $ | 60,122 |  |  | $ | (32,114 | ) |  | $ | 13,707 |  |  | $ | (28,987 | )
The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
| (In thousands) |
CityCenter | $ | 90,212 |  |  | $ | (39,113 | ) |  | $ | 87,380 |  |  | $ | (18,447 | )
MGP BREIT Venture |  | 38,954 |  |  |  | 38,861 |  |  |  | 77,917 |  |  |  | 58,811 |
BetMGM |  | (45,979 | ) |  |  | (5,241 | ) |  |  | (105,215 | ) |  |  | (15,918 | )
Other |  | 151 |  |  |  | (2,860 | ) |  |  | (2,323 | ) |  |  | 2,949 |
| $ | 83,338 |  |  | $ | (8,353 | ) |  | $ | 57,759 |  |  | $ | 27,395 |
MGP BREIT Venture distributions. For the three and six months ended June 30, 2021, the Operating Partnership received $32 million and $47 million in distributions from MGP BREIT Venture, respectively. 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. BetMGM contributions. For the three and six months ended June 30, 2021, the Company contributed $25 million and $100 million to BetMGM, respectively. For the three and six months ended June 30, 2020, the Company contributed $10 million and $30 million to BetMGM, respectively. CityCenter equity purchase. As further discussed in Note 1, in June 2021, the Company entered into an agreement pursuant to which the Company will purchase the 50% ownership interest in CityCenter held by Infinity World. The transaction is expected to close in the third quarter of 2021, subject to certain closing conditions. Upon close of the transaction, the Company will own 100% of CityCenter and, accordingly, will consolidate CityCenter in its financial statements. CityCenter distributions. In April 2020, CityCenter paid a $101 million distribution, of which the Company received its 50% share, or approximately $51 million. CityCenter sale of Harmon land. In June 2021, CityCenter closed the sale of its Harmon land for $80 million on which it recorded a $30 million gain. The Company recorded a $50 million gain, which included $15 million of its 50% share of the gain recorded by CityCenter and $35 million representing the reversal of certain basis differences.

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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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