Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment at June 30, 2018 and December 31, 2017 consists of the following:

	6/30/2018			12/31/2017
	(in thousands)
Land	$	770		$	770
Land improvements	1,759			1,759
Buildings	576,938			4,727
Building improvements	76,293			29,874
Furniture, fixtures and equipment	33,379			5,551
Construction in Progress	436			77
	689,575			42,758
Less: Accumulated depreciation	(28,356		)	(15,895		)
	$	661,219		$	26,863

The $646.8 million increase in property and equipment was primarily due to the reclassification of capitalized Project Development costs to buildings, building improvements and furniture, fixtures and equipment during the six-month period ended June 30, 2018. At June 30, 2018, $9.4 million remains classified as capitalized Project Development costs reflecting the ongoing construction of the Development Projects.

Depreciation expense was approximately $7.8 million and $0.4 million for the three-month periods ended June 30, 2018 and 2017, respectively, and approximately $12.5 million and $0.7 million for the six-month periods ended June 30,2018 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.