Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7—Property and Equipment

Property and equipment, net, consisted of the following:

	December 31,
(in millions)	2024		2023
Property and equipment - Not Subject to Master Leases
Land and improvements	$	125.5	$	137.2
Building, vessels, and improvements	323.4		323.2
Furniture, fixtures, and equipment	1,852.9		1,846.3
Leasehold improvements	584.4		521.2
Construction in progress	491.4		172.8
	3,377.6		3,000.7
Less: Accumulated depreciation	(1,900.3)		(1,813.7)
	1,477.3		1,187.0
Property and equipment - Subject to Master Leases
Land and improvements	1,427.1		1,427.1
Building, vessels, and improvements	1,591.3		1,591.3
	3,018.4		3,018.4
Less: Accumulated depreciation	(790.7)		(691.4)
	2,227.7		2,327.0
Property and equipment, net	$	3,705.0	$	3,514.0

Depreciation expense was as follows:

	For the year ended December 31,
(in millions)	2024		2023		2022
Depreciation expense (1)	$	293.9	$	288.7	$	329.1

(1)During the years ended December 31, 2024, 2023, and 2022, we recorded depreciation expense of $99.3 million, $112.4 million, and $175.6 million, respectively, related to real estate assets subject to our Master Leases.