Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 8—Property and Equipment

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2023		2022
Property and equipment - Not Subject to Master Leases
Land and improvements	$	137.2	$	137.1
Building, vessels, and improvements	323.2		324.6
Furniture, fixtures, and equipment	1,846.3		1,753.6
Leasehold improvements	521.2		353.5
Construction in progress	172.8		166.8
	3,000.7		2,735.6
Less: Accumulated depreciation	(1,813.7)		(1,708.3)
	1,187.0		1,027.3
Property and equipment - Subject to Master Leases (1)
Land and improvements	1,427.1		1,523.2
Building, vessels, and improvements	1,591.3		3,640.0
	3,018.4		5,163.2
Less: Accumulated depreciation	(691.4)		(1,675.0)
	2,327.0		3,488.2
Property and equipment, net	$	3,514.0	$	4,515.5

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2023		2022		2021
Depreciation expense (2)	$	288.7	$	329.1	$	314.3

(1)As of a result of the lease modification that occurred on January 1, 2023, we derecognized $1.1 billion of “Property and equipment, net” associated with building assets within our Consolidated Balance Sheets, with an offset to “Gain on REIT transaction, net” within our Consolidated Statements of Operations. Refer to Note 12, “Leases” for more information related to the January 1, 2023 lease modification.

(2)During the years ended December 31, 2023, 2022, and 2021, we recorded depreciation expense of $112.4 million, $175.6 million, and $183.4 million, related to real estate assets subject to our Master Leases.