Leasehold Interests in Land, Net

Leasehold interests in land consist of the following (in thousands):



	December 31,
	2015			2014
Marina Bay Sands	$	971,654		$	1,038,636
Sands Cotai Central	237,842			237,050
The Venetian Macao	180,118			178,203
Four Seasons Macao	88,869			88,232
The Parisian Macao	74,601			74,298
Sands Macao	29,352			28,022
	1,582,436			1,644,441
Less — accumulated amortization	(320,304		)	(291,351		)
	$	1,262,132		$	1,353,090

The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease. Amortization expense of $38.6 million, $40.6 million and $40.4 million was included in amortization of leasehold interests in land expense for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated future amortization expense is approximately $38.3 million for each of the next five years and $1.31 billion thereafter at exchange rates in effect on December 31, 2015.

Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company has received land concessions from the Macao government to build on the sites on which The Venetian Macao, Four Seasons Macao, Sands Cotai Central and The Parisian Macao are located. The Company does not own these land sites in Macao; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, as well as annual rent for the term of the land concessions.

In addition to the land premium payments for the Macao leasehold interests in land, the Company is required to make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government. As of December 31, 2015, the Company was obligated under its land concessions to make future rental payments as follows (in thousands):



2016	$	5,003
2017	5,281
2018	5,281
2019	5,281
2020	5,281
Thereafter	65,323
	$	91,450