Property and Equipment, net

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, net

	As of December 31,
(In millions)	2013			2012
Land and land improvements	$	6,266.8		$	7,208.8
Buildings, riverboats, and improvements	6,668.1			8,725.7
Furniture, fixtures, and equipment	2,297.7			2,491.0
Construction in progress	824.6			378.3
	16,057.2			18,803.8
Less: accumulated depreciation	(2,819.3		)	(3,102.1		)
	$	13,237.9		$	15,701.7

Depreciation Expense

	Years Ended December 31,
(In millions)	2013		2012		2011
Depreciation expense	$	571.6	$	751.6	$	724.7

Depreciation expense is included in depreciation and amortization, corporate expense, and income from discontinued operations.

Tangible asset impairments

We review the carrying value of our long-lived assets for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Over time, we have experienced deteriorating gaming volumes at properties in certain of our markets and, as a result, the Company continues to evaluate its options regarding its participation in those markets. We also test properties or asset groups for impairment when those assets are more likely than not to be disposed of by sale or other means or when we identify evidence of deteriorating market values of assets in a region.

Atlantic City, New Jersey

During the fourth quarter 2013, casino property sales occurred in the Atlantic City market. The pricing of the transactions indicated a substantial decline in market price had occurred for Casinos in Atlantic City. As a result of this triggering event, the Company determined it was necessary to perform a recoverability test of the carrying amount of our Atlantic City properties. It we determined the carrying values of our Atlantic City properties were not recoverable. Therefore, we performed a fair value assessment of the properties. Impairment losses of $2,356.8 million were recorded in 2013 primarily as a result of the assessment. The Company recorded an impairment of $450.0 million in 2012 as a result of evaluating options for one of its Atlantic City properties for participation in the market.

Tunica, Mississippi

As a result of downward pressure on the actual results from operations compared with prior years and with previous forecasts for one of the properties in the Tunica market, the Company determined it was necessary to perform a recoverability test of the carrying amount of the property. It was determined the carrying value was not recoverable. Therefore, we performed a fair value assessment of the property and recorded an impairment loss of $114.8 million in 2013.

Biloxi, Mississippi

As a result of a possible transaction involving certain of our land holdings in Biloxi, we tested the land holdings for recoverability in 2013. This analysis resulted in tangible asset impairments of $79.3 million in 2013. In 2012, we recorded tangible asset impairments of $180.5 million on a previously halted development project in Biloxi.

Other

We recorded tangible asset impairments of $13.9 million in 2013 as a result of other identified triggering events for long lived assets owned by the Company.