Property and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

(In millions)	September 30, 2021		December 31, 2020
Land and improvements	$	2,124	$	2,187
Buildings, riverboats, and leasehold improvements	12,329		12,059
Furniture, fixtures, and equipment	1,558		1,419
Construction in progress	293		118
Total property and equipment	16,304		15,783
Less: accumulated depreciation	(1,775)		(1,048)
Total property and equipment, net	$	14,529	$	14,735

Our property and equipment are 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 September 30,				Nine Months Ended September 30,
(In millions)	2021		2020		2021		2020
Depreciation expense	$	237	$	204	$	746	$	289

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