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Investments in and Advances to Unconsolidated Affiliates
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Unconsolidated Affiliates INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates consisted of the following:
 December 31,
 20212020
 (In thousands)
CityCenter (50% as of December 31, 2020)
$— $441,893 
MGP BREIT Venture (50.1% owned by the Operating Partnership)
816,756 810,066 
BetMGM (50%)
41,060 27,310 
Other109,228 167,774 
 $967,044 $1,447,043 

The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows:
 
Year Ended December 31,
 202120202019
 (In thousands)
Income from unconsolidated affiliates$84,823 $42,938 $119,521 
Non-operating items from unconsolidated affiliates(83,243)(103,304)(62,296)
 $1,580 $(60,366)$57,225 

The following table summarizes further information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
 
Year Ended December 31,
 202120202019
 (In thousands)
CityCenter (through September 26, 2021)$128,127 $(29,753)$128,421 
MGP BREIT Venture155,817 136,755 — 
BetMGM(211,182)(61,663)(15,804)
Other12,061 (2,401)6,904 
 $84,823 $42,938 $119,521 

MGP BREIT Venture distributions. During the years ended December 31, 2021 and 2020, the Operating Partnership received $94 million and $81 million, respectively, in distributions from MGP BREIT Venture.
BetMGM contributions. During the years ended December 31, 2021 and 2020, the Company contributed $225 million and $80 million to BetMGM, respectively.

CityCenter acquisition. The Company obtained 100% of the equity interests in CityCenter and therefore consolidated CityCenter as of September 27, 2021. Prior to the acquisition, the Company held a 50% ownership interest, which was accounted for under the equity method. Refer to Note 4.

CityCenter distributions. During the year ended December 31, 2020, CityCenter paid $101 million in distributions, of which the Company received its 50% share, or approximately $51 million. During the year ended December 31, 2019, CityCenter paid $180 million in distributions, of which the Company received its 50% share, or approximately $90 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 in 2021.

Other. During the years ended December 31, 2021 and 2020, the Company recognized other-than-temporary impairment charges of $22 million and $64 million, respectively, within “Property transactions, net” in the consolidated statements of operations related to investments in unconsolidated affiliates previously classified within “Other” in the “Investments in and advances to unconsolidated affiliates” table above.

Unconsolidated Affiliate Financial Information – CityCenter (as of December 31, 2020 and through September 26, 2021) & MGP BREIT Venture

Summarized balance sheet information is as follows:
 December 31,
 20212020
 (In thousands)
Cash and cash equivalents$16 $96,758 
Property and equipment, net4,439,851 10,237,004 
Other assets, net193,184 256,813 
Debt, net2,994,782 4,715,997 
Other liabilities8,018 270,583 

Summarized results of operations are as follows:
 
Year Ended December 31,
 202120202019
 (In thousands)
Net revenues$1,084,503 $869,638 $1,294,861 
Net income (loss)294,797 (43,749)69,143 

Basis Differences

The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Basis differences relating to the Company's investment in CityCenter were resolved in connection with the consolidation of CityCenter in 2021.
Differences between the Company’s share of venture-level equity and investment balances are as follows:
 December 31,
 20212020
 (In thousands)
Venture-level equity attributable to the Company$961,787 $2,981,550 
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International(1)
— (504,171)
CityCenter capitalized interest(2)
— 168,966 
CityCenter completion guarantee(3)
— 248,730 
CityCenter deferred gain(4)
— (208,204)
CityCenter capitalized interest on sponsor notes(5)
— (33,010)
Other-than-temporary impairments of CityCenter investment(6)
— (1,256,516)
Other adjustments5,257 49,698 
 $967,044 $1,447,043 
(1)Primarily related to land and fixed assets.
(2)Related 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)Related to a deferred gain on assets contributed to CityCenter upon formation of CityCenter.
(5)Related 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 included $352 million of impairments allocated to land.