Property and Equipment

3 Months Ended

Mar. 31, 2017

Property and Equipment

Property and Equipment

4.  Property and Equipment

Property and equipment, net, consists of the following:

	March 31,		December 31,
	2017		2016
	(in thousands)
Property and equipment - non-master lease
Land and improvements	$	294,590	$	294,590
Building and improvements		404,875		404,158
Furniture, fixtures and equipment		1,358,002		1,355,615
Leasehold improvements		119,404		118,940
Construction in progress		26,903		16,375
		2,203,774		2,189,678
Less Accumulated depreciation		(1,261,519)		(1,224,596)
		942,255		965,082
Property and equipment - master lease
Land and improvements		381,680		382,246
Building and improvements		2,219,017		2,219,018
		2,600,697		2,601,264
Less accumulated depreciation		(768,629)		(745,963)
		1,832,068		1,855,301
Property and equipment, net	$	2,774,323	$	2,820,383

Property and equipment, net decreased by $46.1 million for the three months ended March 31, 2017 primarily due to depreciation expense, which is partially offset by improvements at Tropicana Las Vegas, and normal maintenance capital expenditures for the three months ended March 31, 2017.

Depreciation expense, for property and equipment including assets under capital leases, totaled $65.0 million and $65.6 million for the three months ended March 31, 2017 and 2016, respectively, of which $22.7 million and $22.9 million related to assets under the Master Lease, respectively. No interest was capitalized in connection with major construction projects for the three months ended March 31, 2017 and 2016.