Investments in and Advances to Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2018

Equity Method Investments And Joint Ventures [Abstract]

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,
	2018		2017
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	827,960	$	808,220
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%)		123,501		124,342
Las Vegas Arena Company, LLC (42.5%)		76,755		76,619
Other		22,579		24,116
	$	1,050,795	$	1,033,297

The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows:

	Three Months Ended
	March 31,
	2018			2017
	(In thousands)
Income from unconsolidated affiliates	$	31,766		$	39,766
Preopening and start-up expenses		(3,321	)		—
Non-operating items from unconsolidated affiliates		(9,010	)		(6,921	)
	$	19,435		$	32,845

Mandarin Oriental. During the quarter ended March 31, 2018, a subsidiary of CityCenter entered into an agreement for the sale of the Mandarin Oriental Las Vegas and adjacent retail parcels for approximately $214 million, subject to customary closing conditions. As a result of this transaction, CityCenter recorded an impairment charge of approximately $127 million. The Company recorded a reversal of certain basis differences of $64 million, which entirely offset its 50% share of the impairment charge.

Grand Victoria sale. In April 2018, the Company, along with its venture partner, entered into a definitive agreement to sell the Grand Victoria Casino, of which a subsidiary of the Company owns 50% interest, to Eldorado Resorts, Inc. for $328 million in cash, subject to a working capital adjustment. The Company will receive its 50% share of the net proceeds after certain transaction costs, or approximately $162 million. The transaction is expected to close within twelve months, subject to regulatory approvals and other customary closing conditions.