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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

3 Months Ended

Mar. 31, 2024

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 were $246 million and $241 million as of March 31, 2024 and December 31, 2023, respectively. The Company’s share of losses of BetMGM in excess of its equity method investment balance is $37 million and $5 million as of March 31, 2024 and December 31, 2023, respectively.

The Company recorded its share of loss from unconsolidated affiliates as follows:

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Loss from unconsolidated affiliates			$	(25,124)					$	(74,999)
Non-operating items from unconsolidated affiliates			(136)						(1,184)
			$	(25,260)					$	(76,183)

The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates:

			Three Months Ended March 31,
			2024						2023
			(In thousands)
BetMGM			$	(32,601)					$	(81,872)
Other			7,477						6,873
			$	(25,124)					$	(74,999)

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- References

No definition available.

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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
-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

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