Property and Equipment

12 Months Ended

Dec. 31, 2018

NOTE 3 — Property and Equipment

Property and equipment consists of the following as of December 31:


	2018		2017
Land	$	15,286,000	$	15,916,000
Facilities		86,725,000		86,282,000
Furniture, fixtures and equipment		8,893,000		8,490,000
Construction in progress		275,000		99,000
		111,179,000		110,787,000
Less accumulated depreciation		(63,042,000)		(59,787,000)
	$	48,137,000	$	51,000,000

In September 2018, we entered into negotiations to sell a parcel of land we own near St. Louis. The sale closed in January 2019 with proceeds, less closing costs, of $531,000. As a result, we recorded a loss of $99,000 on sale of land in our consolidated statements of earnings for 2018. At December 31, 2018, $531,000 representing the fair value of the land is reported as assets held for sale in our consolidated balance sheets.

In the fourth quarter of 2017, we made the decision to not complete certain facility improvements. Costs previously capitalized of $186,000 were charged to depreciation expense in 2017.

In the fourth quarter of 2016, we began removing certain grandstand seating that had been taken out of service and written-off in 2015. We incurred costs of $203,000 in the fourth quarter of 2016 and $286,000 in the first quarter of 2017 to remove the seating which is included in costs to remove long-lived assets in our consolidated statements of earnings. As of March 31, 2017, these assets had been removed and no further costs have been incurred.

In the first quarter of 2016, we began a renovation project of certain track related assets that was completed in the first quarter of 2017. As a result, we adjusted the service lives of those assets to properly reflect their shortened estimated useful life. We recorded depreciation expense of $208,000 in 2016 related to these assets. As of December 31, 2016, these assets were fully depreciated.