Property and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment, net, consisted of the following:


(In thousands)	March 31, 2021		December 31, 2020
Land	$	125,240	$	125,240
Building and improvements	932,090		928,641
Furniture and equipment	241,406		246,292
Construction in process	8,741		6,714
Property and equipment	1,307,477		1,306,887
Accumulated depreciation	(353,330)		(331,137)
Property and equipment, net	$	954,147	$	975,750

Depreciation expense for property and equipment, including finance leases, was $25.0 million and $25.5 million for the three months ended March 31, 2021 and 2020, respectively.

The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. While the impact of the COVID-19 pandemic on the Company’s operations is ongoing, management determined that there were no new indicators of impairment for the three months ended March 31, 2021 (including no new indicators of impairment with respect to the Colorado Belle due to no changes in management’s assumptions related to the cash flow projections for the property), and as such, the Company concluded that there was no impairment of the Company’s long-lived assets as of March 31, 2021.

To the extent the Company becomes aware of new facts and circumstances arising from the COVID-19 pandemic that impact its operations, the Company will revise its cash flow projections accordingly, as its estimates of future cash flows are highly dependent upon certain assumptions, including, but not limited to, the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations and the extent and timing of the economic recovery globally, nationally, and specifically within the gaming industry. If such assumptions are not accurate, the Company may be required to record impairment charges in future periods, whether in connection with its regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.