XML 53 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment, net and depreciation expense Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:
 Years
Land improvements15
Buildings and improvements
5 to 31
Vessels
10 to 35
Furniture, fixtures and equipment
3 to 31
Property and equipment, net, consisted of the following:
December 31,
(in millions)20202019
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 equipment1,620.4 1,598.3 
Leasehold improvements219.5 183.6 
Construction in progress89.8 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 improvements1,523.2 1,525.9 
Building, vessels and improvements3,640.3 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)202020192018
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.