Property and Equipment

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment at March 31, 2018 and December 31, 2017 consists of the following:

	3/31/2018			12/31/2017
	(in thousands)
Land	$	770		$	770
Land improvements	1,759			1,759
Buildings	564,097			4,727
Building improvements	75,390			29,874
Furniture, fixtures and equipment	30,698			5,551
Construction in Progress	116			77
	672,830			42,758
Less: Accumulated depreciation	(20,550		)	(15,895		)
	$	652,280		$	26,863

The $630.1 million increase in property and equipment was due to the reclassification of capitalized Project Development costs to buildings, building improvements and furniture, fixtures and equipment during the three-month period ended March 31, 2018. At March 31, 2018, $6.1 million remains classified as capitalized Project Development costs reflecting the ongoing construction of the Development Projects.

Depreciation expense was approximately $4.7 million and $336,000 for three-month periods ended March 31, 2018 and 2017, respectively.

The VGMs at Monticello Casino and Raceway are owned by the NYSGC and, accordingly, the Company's consolidated financial statements include neither the cost nor the depreciation of those devices.