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Investments in and Advances to Unconsolidated Affiliates
6 Months Ended
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.