Property and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

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

	9/30/2018			12/31/2017
	(in thousands)
Land	$	770		$	770
Land improvements	2,110			1,759
Buildings	579,203			4,727
Building improvements	76,740			29,874
Furniture, fixtures and equipment	35,483			5,551
Construction in Progress	1,651			77
	695,957			42,758
Less: Accumulated depreciation	(36,220		)	(15,895		)
	$	659,737		$	26,863

The $653.2 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 nine-month period ended September 30, 2018. At September 30, 2018, $19.5 million remains classified as capitalized Project Development costs reflecting the ongoing construction of the Development Projects.

Depreciation expense was approximately $7.9 million and $0.4 million for the three-month periods ended September 30, 2018 and 2017, respectively, and approximately $20.3 million and $1.1 million for the nine-month periods ended September 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.