Intangible Assets, net

Intangible assets, net consisted of the following (in thousands):



	December 31,
	2018			2017
Indefinite-lived intangible assets:
Water rights	$	6,760		$	6,400
Trademarks and other	1,637			1,387
Total indefinite-lived intangible assets	8,397			7,787

Finite-lived intangible assets:
Macau gaming concession	42,300			42,300
Less: accumulated amortization	(33,965		)	(31,582		)
	8,335			10,718

Massachusetts gaming license	117,700			105,200
Less: accumulated amortization	—			—
	117,700			105,200

Undeveloped land - Las Vegas	89,101			—
Less: accumulated amortization	(1,027		)	—
	88,074			—

Total finite-lived intangible assets	214,109			115,918
Total intangible assets, net	$	222,506		$	123,705

Water rights and trademarks are indefinite-lived assets and, accordingly, are not amortized. Water rights primarily reflect the fair value allocation determined in the purchase of the property on which Wynn Las Vegas is located in April 2000. The value of the trademarks and other primarily represents the costs to acquire the "Le Rêve" name.

The Macau gaming concession is a finite-lived intangible asset that is being amortized over the 20-year life of the concession. The Company expects that amortization of the Macau gaming concession will be $2.4 million each year from 2019 through 2021, and $1.2 million in 2022.

The Massachusetts gaming license cost reflects consideration paid to the Commonwealth of Massachusetts for the license fee and certain costs incurred in connection with and contractually related to obtaining the license. The Company identifies the license as a finite-lived intangible asset and will amortize it over a period of 15 years beginning upon the opening of the resort.

During the first quarter of 2018, the Company acquired approximately 38 acres of land, of which approximately 16 acres are subject to an assumed ground lease that expires in 2097. The assumed ground lease agreement provides for certain minimum lease payments, determined at the time of original lease inception, which the Company determined to be below market when assumed. The ground lease payments are $3.8 million until 2023 and total payments of $370.7 million thereafter. 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 $89.1 million of the purchase price as a definite-lived intangible asset, which represents the favorable terms of the assumed ground lease relative to the market, to be amortized on a straight-line basis over the remaining term of the lease. The Company expects that amortization of the associated intangible asset will be $1.1 million each year from 2019 through 2096, and $0.7 million in 2097.