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Property Transactions, Net | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
Property Transactions, Net | PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (In thousands)
Loss related to sale of Circus Circus Las Vegas and adjacent land |  | $ | — |  |  | $ | — |  |  | $ | 220,294 |
Other property transactions, net |  | (67,736) |  |  | 93,567 |  |  | 55,508 |
|  | $ | (67,736) |  |  | $ | 93,567 |  |  | $ | 275,802 |
Circus Circus Las Vegas and adjacent land. In December 2019, the Company completed the sale of Circus Circus Las Vegas and the adjacent land for $825 million, which consisted of $663 million paid in cash and a secured note due 2024 with a face value of $163 million and fair value of $134 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, amortizes into interest income using the effective interest method over the length of the agreement. The carrying value of the note receivable was $155 million and $144 million as of December 31, 2021 and 2020, respectively, and was recorded within “Other long-term 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). The Company 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 of $810 million and $14 million, respectively, primarily consisted of property and equipment, net of $785 million. Circus Circus Las Vegas was 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. Other. Other property transactions, net in 2021 includes a gain of $76 million relating to the sale of art and a gain of $29 million related to a reduction in the estimate of contingent consideration related to the Empire City acquisition, partially offset by an other-than-temporary impairment charge of $22 million related to an investment in an unconsolidated affiliate, as discussed in Note 6, as well as miscellaneous asset disposals and write-downs. 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, a loss of $17 million related to production show costs, as well as miscellaneous asset disposals and write-downs. Other property transactions, net for 2019 includes miscellaneous asset disposals and demolition costs.

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