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Property and Equipment, net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
(In millions)June 30, 2026December 31, 2025
Land$2,049 $2,057 
Buildings, riverboats, and leasehold and land improvements15,373 15,295 
Furniture, fixtures, and equipment3,417 3,174 
Construction in progress125 153 
Total property and equipment20,964 20,679 
Less: accumulated depreciation(6,839)(6,321)
Total property and equipment, net$14,125 $14,358 
A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases.
Depreciation Expense
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2026202520262025
Depreciation expense$322 $331 $635 $655 
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.