Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net and depreciation expense

Property and equipment, net, consisted of the following:

(in thousands)	June 30, 2019			December 31, 2018
Property and equipment - non-Master Leases
Land and improvements	$	353,111		$	343,987
Building, vessels and improvements	348,814			342,944
Furniture, fixtures and equipment	1,652,145			1,565,830
Leasehold improvements	157,555			152,943
Construction in progress	43,173			25,473
	2,554,798			2,431,177
Less: Accumulated depreciation	(1,484,226		)	(1,400,198		)
	1,070,572			1,030,979
Property and equipment - Master Leases
Land and improvements (1)	1,525,934			2,970,969
Building, vessels and improvements (2)	3,664,611			3,845,062
	5,190,545			6,816,031
Less: Accumulated depreciation	(1,045,340		)	(978,242		)
	4,145,205			5,837,789
Property and equipment, net	$	5,215,777		$	6,868,768

(1) Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”

(2) Upon adoption of ASC 842, $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”

Depreciation expense was as follows:

	For the three months ended June 30,				For the six months ended June 30,
(in thousands)	2019		2018		2019		2018
Depreciation expense (1)	$	97,668	$	54,434	$	193,898	$	110,348

(1)

Of such amounts, $46.1 million, $22.9 million, $92.9 million, and $46.2 million, respectively, pertain to real estate assets subject to either of our Master Leases.