Property and Equipment, net

3 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following:



(In millions)	March 31, 2013			December 31, 2012
Land and land improvements	$	7,208.6		$	7,208.8
Buildings, riverboats, and improvements	8,693.4			8,725.7
Furniture, fixtures, and equipment	2,518.2			2,491.0
Construction in progress	508.9			378.3
	18,929.1			18,803.8
Less: accumulated depreciation	(3,252.9		)	(3,102.1		)
	$	15,676.2		$	15,701.7

In March 2012, we recorded a tangible asset impairment on construction in progress of $167.5 million related to a halted development project in Biloxi, Mississippi as well as a tangible asset impairment on a project in Spain for $6.5 million. There were no tangible asset impairments relating to continuing operations in the first quarter 2013.

Depreciation expense, which is included in depreciation and amortization, corporate expense and (loss)/income from discontinued operations in our Consolidated Condensed Statements of Operations, is as follows:



	Quarter Ended March 31,
(In millions)	2013		2012
Depreciation expense	$	163.5	$	190.3

Interest expense is capitalized on internally constructed assets at the applicable weighted-average borrowing rates of interest. Capitalization of interest ceases when the project is substantially complete or construction activity is suspended for more than a brief period of time.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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