Property and Equipment, net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following (in thousands):



	December 31,
	2018			2017
Buildings and improvements	$	7,707,467		$	7,582,611
Land and improvements	1,141,032			853,738
Furniture, fixtures and equipment	2,288,370			2,211,974
Leasehold interests in land	313,516			314,068
Airplanes	110,623			158,840
Construction in progress	1,912,801			1,016,207
	13,473,809			12,137,438
Less: accumulated depreciation	(4,087,889		)	(3,638,682		)
	$	9,385,920		$	8,498,756

Depreciation expense for the years ended December 31, 2018, 2017 and 2016 was $546.1 million, $547.9 million and $398.2 million, respectively.

As of December 31, 2018 and 2017, construction in progress consisted primarily of costs capitalized, including interest, for the construction of Encore Boston Harbor.

In 2018, the Company sold two airplanes with a total net book value of $65.3 million for proceeds of $50.6 million. As a result, the Company recorded the $14.7 million loss on disposal in Property Charges and Other on the Consolidated Income Statement.

Land Acquisition

During the first quarter of 2018, the Company acquired approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas for $336.2 million, approximately 16 acres of which are subject to a ground lease that expires in 2097. The Company expects to use this land for future development.

In accordance with asset acquisition accounting standards, the Company allocated the purchase price to the identifiable assets acquired based on the relative fair value of each component. As a result, the Company recorded $247.0 million of the purchase price as land and $89.1 million of the purchase price as a definite-lived intangible asset. For more information regarding the intangible asset and lease, see Note 5,"Intangible Assets, net."