Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Note 8—Property and Equipment

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2020		2019
Property and equipment - Not Subject to Master Leases
Land and improvements (1)	$	105.6	$	353.2
Building, vessels and improvements (1)	205.4		420.4
Furniture, fixtures and equipment	1,620.4		1,598.3
Leasehold improvements	219.5		183.6
Construction in progress	89.8		59.3
	2,240.7		2,614.8
Less: Accumulated depreciation(1)	(1,559.0)		(1,548.3)
	681.7		1,066.5
Property and equipment - Subject to Master Leases
Land and improvements	1,523.2		1,525.9
Building, vessels and improvements	3,640.3		3,664.6
	5,163.5		5,190.5
Less: Accumulated depreciation	(1,315.9)		(1,136.8)
	3,847.6		4,053.7
Property and equipment, net	$	4,529.3	$	5,120.2

(1)On April 16, 2020, we sold real estate assets associated with our Tropicana property to GLPI. See Note 6, Acquisitions and Dispositions.

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Depreciation expense (1)	$	336.9	$	381.6	$	251.9

(1)Of such amounts, $156.1 million, $158.9 million, and $112.1 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Hurricane Laura

In August 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property. As a result, we wrote off property and equipment with a net book value of $23.2 million of which $2.1 million and $21.1 million was included in Property and equipment – Not subject to Master Lease, and Property and equipment – Subject to Master Leases, respectively.

Tropicana

During the year ended December 31, 2020, we recorded $7.3 million of impairment on the property and equipment associated with Tropicana, relating to the operating assets, which is included in “Impairment losses” within our Consolidated Statements of Operations and Comprehensive Income (Loss). The charge was the result of an impairment assessment performed after reviewing the projected results of this property over the remaining lease term contained within the Tropicana Lease.