Property and Equipment

12 Months Ended

Dec. 31, 2017

Property and Equipment

Property and Equipment

7.Property and Equipment

Property and equipment, net, consists of the following:

	December 31,		December 31,
	2017		2016
	(in thousands)
Property and equipment - non-master lease
Land and improvements	$	294,695	$	294,590
Building and improvements		429,015		404,158
Furniture, fixtures and equipment		1,385,889		1,355,615
Leasehold improvements		130,801		118,940
Construction in progress		15,617		16,375
		2,256,017		2,189,678
Less Accumulated depreciation		(1,345,147)		(1,224,596)
		910,870		965,082
Property and equipment - master lease
Land and improvements		424,700		382,246
Building and improvements		2,258,577		2,219,018
		2,683,277		2,601,264
Less accumulated depreciation		(837,478)		(745,963)
		1,845,799		1,855,301
Property and equipment, net	$	2,756,669	$	2,820,383

Property and equipment, net decreased by $63.7 million primarily due to depreciation expense partially offset by the acquisition of 1st Jackpot and Resorts, additional video gaming terminals at Prairie State Gaming as well as improvements at Tropicana Las Vegas, Hollywood Casino St. Louis, M Resort and Hollywood Casino Lawrenceburg during the year ended December 31, 2017.

Depreciation expense, for property and equipment as well as capital leases, totaled $248.2 million, $261.9 million, and $258.9 million in 2017,  2016 and 2015. Depreciation expense on the Master Lease assets was $92.4 million, $91.1 million and $92.4 million for the years ended December 31, 2017,  2016, and 2015 respectively. Interest capitalized in connection with major construction projects was $0.2 million, $0.1 million, and $1.8 million in 2017,  2016 and 2015, respectively.