INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

3 Months Ended

Mar. 31, 2013

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

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:

	March 31,		December 31,
	2013		2012
	(In thousands)
CityCenter Holdings, LLC — CityCenter (50%)	$	1,211,696	$	1,220,741
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%)	206,193		206,296
Other	17,247		17,510
	$	1,435,136	$	1,444,547

The Company recorded its share of the results of operations of unconsolidated affiliates as follows:

	Three Months Ended
	March 31,
	2013			2012
	(In thousands)
Income (loss) from unconsolidated affiliates	$	16,344		$	(13,309	)
Preopening and start-up expenses	(376		)	—
Non-operating items from unconsolidated affiliates	(22,079		)	(26,866		)
	$	(6,111	)	$	(40,175	)

CityCenter

CityCenter summary financial information. Summarized balance sheet information of the CityCenter joint venture is as follows:

	March 31,		December 31,
	2013		2012
	(In thousands)
Current assets	$	543,214	$	546,851
Property and other assets, net	8,520,664		8,606,163
Current liabilities	399,944		451,332
Long-term debt and other long-term obligations	2,557,613		2,533,918
Equity	6,106,321		6,167,764

Summarized income statement information of the CityCenter joint venture is as follows:

	Three Months Ended
	March 31,
	2013			2012
	(In thousands)
Net revenues	$	315,142		$	238,917
Operating expenses	(315,310		)	(300,374		)
Operating loss	(168		)	(61,457		)
Non-operating expense	(67,675		)	(75,378		)
Net loss	$	(67,843	)	$	(136,835	)