Property and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

(In millions)	March 31, 2021		December 31, 2020
Land	$	2,113	$	2,174
Buildings, riverboats, and leasehold and land improvements	11,702		11,686
Furniture, fixtures, and equipment	1,426		1,404
Construction in progress	134		118
Total property and equipment	15,375		15,382
Less: accumulated depreciation	(1,292)		(1,049)
Total property and equipment, net	$	14,083	$	14,333

Our property and equipment is subject to various operating leases for which we are the lessor. We lease our property and equipment related to our hotel rooms, convention space and retail space through various short-term and long-term operating leases.

Depreciation Expense
	Three Months Ended March 31,
(In millions)	2021		2020
Depreciation expense	$	245	$	43

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.