Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

	March 31, 2023		December 31, 2022
Buildings and improvements	$	8,332,529	$	8,363,427
Land and improvements	1,231,484		1,195,717
Furniture, fixtures and equipment	3,176,160		3,165,659
Airplanes	110,623		110,623
Construction in progress	141,924		112,034
	12,992,720		12,947,460
Less: accumulated depreciation	(6,166,694)		(6,051,400)
	$	6,826,026	$	6,896,060

As of March 31, 2023 and December 31, 2022, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended March 31, 2023 and 2022 was $154.1 million and $176.3 million, respectively.