Property and Equipment, net

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment, Net



(In millions)	September 30, 2014			December 31, 2013
Land and land improvements	$	6,231.3		$	6,266.8
Buildings, riverboats, and improvements	7,574.1			6,668.1
Furniture, fixtures, and equipment	2,558.7			2,297.7
Construction in progress	251.1			824.6
	16,615.2			16,057.2
Less: accumulated depreciation	(3,130.4		)	(2,819.3		)
	$	13,484.8		$	13,237.9

Depreciation expense is included in depreciation and amortization, corporate expense, and loss from discontinued operations, and was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2014		2013		2014		2013
Depreciation expense	$	167.9	$	131.7	$	434.8	$	438.1

Tangible Asset Impairments

We recorded tangible asset impairment charges related to continuing operations totaling $53.2 million and $60.9 million for the three and nine months ended September 30, 2014, respectively. In the third quarter of 2014, due to a decline in recent performance and downward adjustments to expectations of future performance, we determined it was necessary to perform an assessment for impairment for certain of our properties, which resulted in an impairment charge of $50.4 million.

We recorded tangible asset impairment charges related to continuing operations totaling $498.7 million and $603.0 million for the three and nine months ended September 30, 2013, respectively. As a result of deteriorating gaming volumes in certain of our markets, we determined it was necessary to complete an assessment for impairment for certain of our properties, which resulted in these impairment charges. The impairment charges primarily included $104.3 million in the second quarter of 2013 related to our land holdings in Biloxi, Mississippi, and a real estate project in Atlantic City, New Jersey, and $498.7 million in the third quarter of 2013 related to certain properties in Atlantic City.

We recorded tangible asset impairment charges of $66.8 million in the first quarter of 2014, as a result of our decision to close Harrah's Tunica. In the third quarter of 2013, we recorded a tangible asset impairment charge of $112.3 million related to Harrah's Tunica as a result of completing an assessment for impairment for certain of our properties. We have presented the operations of the Harrah's Tunica casino as discontinued operations in the Consolidated Condensed Statements of Operations.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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