Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 8—Property and Equipment

Property and equipment, net, consisted of the following:

	December 31,
(in millions)	2022		2021
Property and equipment - Not Subject to Master Leases
Land and improvements	$	137.1	$	147.6
Building, vessels and improvements	324.6		327.3
Furniture, fixtures and equipment	1,753.6		1,714.8
Leasehold improvements	353.5		292.0
Construction in progress	166.8		70.7
	2,735.6		2,552.4
Less: Accumulated depreciation	(1,708.3)		(1,634.1)
	1,027.3		918.3
Property and equipment - Subject to Master Leases
Land and improvements	1,523.2		1,523.2
Building, vessels and improvements	3,640.0		3,640.0
	5,163.2		5,163.2
Less: Accumulated depreciation	(1,675.0)		(1,499.3)
	3,488.2		3,663.9
Property and equipment, net	$	4,515.5	$	4,582.2

Depreciation expense was as follows:

	For the year ended December 31,
(in millions)	2022		2021		2020
Depreciation expense (1)	$	329.1	$	314.3	$	336.9

(1)Of such amounts, $175.6 million, $183.4 million, and $156.1 million, respectively, pertained to real estate assets subject to 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. During the year ended December 31, 2021, we wrote off property and equipment with a net book value of $23.2 million, of which $2.1 million and $21.1 million had been included in Property and equipment – Not subject to Master Leases, 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. 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. There were no impairment charges recorded to property and equipment during the years ended December 31, 2022 and 2021.