Property and Equipment

9 Months Ended

Sep. 30, 2011

Property and Equipment

Property and Equipment

6.  Property and Equipment

Property and equipment, net, consists of the following:

	September 30,			December 31,
	2011			2010
	(in thousands)
Land and improvements	$	375,377		$	298,482
Building and improvements	1,729,986			1,534,117
Furniture, fixtures, and equipment	1,004,362			938,443
Leasehold improvements	16,909			17,089
Construction in progress	161,373			106,963
Total property and equipment	3,288,007			2,895,094
Less accumulated depreciation	(1,066,540		)	(929,320		)
Property and equipment, net	$	2,221,467		$	1,965,774

Total property and equipment increased by $392.9 million primarily due to the M Resort transaction that closed on June 1, 2011, as well as expenditures for the facilities under construction in Ohio.

Depreciation expense, for property and equipment, totaled $51.8 million and $157.6 million for the three and nine months ended September 30, 2011, respectively, as compared to $52.3 million and $152.7 million for the three and nine months ended September 30, 2010, respectively.  Interest capitalized in connection with major construction projects was $1.7 million and $3.5 million for the three and nine months ended September 30, 2011, respectively, as compared to $1.6 million and $4.4 million for the three and nine months ended September 30, 2010, respectively.