XML 40 R15.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES | 12 Months Ended
--- | ---
Dec. 31, 2023
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,
|  | 2023 |  | 2022
|  | (In thousands)
BetMGM (50%) |  | $ | — |  |  | $ | 31,760 |
Other |  | 240,803 |  |  | 141,279 |
|  | $ | 240,803 |  |  | $ | 173,039 |
The Company’s share of losses of BetMGM in excess of its equity method investment balance is $5 million as of December 31, 2023. The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In thousands)
Income (loss) from unconsolidated affiliates |  | $ | (62,104) |  |  | $ | (160,213) |  |  | $ | 84,823 |
Non-operating items from unconsolidated affiliates |  | (1,032) |  |  | (23,457) |  |  | (83,243) |
|  | $ | (63,136) |  |  | $ | (183,670) |  |  | $ | 1,580 |
The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In thousands)
CityCenter (through September 26, 2021) |  | $ | — |  |  | $ | — |  |  | $ | 128,127 |
MGP BREIT Venture (through April 29, 2022) |  | — |  |  | 51,051 |  |  | 155,817 |
BetMGM |  | (90,894) |  |  | (234,464) |  |  | (211,182) |
Other |  | 28,790 |  |  | 23,200 |  |  | 12,061 |
|  | $ | (62,104) |  |  | $ | (160,213) |  |  | $ | 84,823 |
Refer to Note 4 for discussion of the acquisition and consolidation of CityCenter in September 2021. In connection with the VICI Transaction in April 2022, the Company deconsolidated MGP, and, accordingly, derecognized the assets and liabilities of MGP, which included MGP OP’s investment in MGP BREIT Venture. MGP BREIT Venture distributions. During the years ended December 31, 2022, and 2021, MGP OP received $32 million and $94 million, respectively, in distributions from MGP BREIT Venture. BetMGM contributions. During the years ended December 31, 2023, 2022, and 2021, the Company contributed $50 million, $225 million, and $225 million to BetMGM, respectively. 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 correspondingly 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. Other. During the year ended December 31, 2021, the Company recognized other-than-temporary impairment charges of $22 million 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.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration