Property and Equipment, Net

6 Months Ended

Jun. 30, 2012

Property and Equipment, Net [Abstract]

Property and Equipment, net

Note 3—Property and Equipment, net

Property and equipment, net consisted of the following:

(In millions)	June 30, 2012			December 31, 2011
Land and land improvements	$	7,420.5		$	7,411.8
Land concessions		504.4			606.7
Buildings, riverboats, and improvements		8,965.4			8,944.5
Furniture, fixtures, and equipment		2,395.7			2,353.2
Construction in progress		348.3			361.1
		19,634.3			19,677.3
Less: accumulated depreciation		(2,958.2	)		(2,607.4	)
	$	16,676.1		$	17,069.9

Interest capitalized was $9.2 million and $0.2 million for the quarter ended June 30, 2012 and 2011, respectively, and $18.0 million and $0.7 million for the six months ended June 30, 2012 and 2011, respectively. Interest capitalized in 2012 was primarily related to the Linq project in Las Vegas.

In March 2012, we recorded an impairment of $167.5 million on tangible assets related to a previously halted development project in Biloxi, Mississippi that was included in construction in progress. During the second quarter of 2012, we determined that it is more likely than not that we will divest of our investment in a land concession in Macau prior to the end of the remaining 35-year term of the concession. As a result, we performed an impairment assessment on this investment and recorded an impairment charge of $101.0 million.

Depreciation expense, which is included in depreciation and amortization, corporate expense, and income from discontinued operations in our consolidated condensed statements of comprehensive loss, is as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
(In millions)	2012		2011		2012		2011
Depreciation expense	$	184.7	$	175.7	$	374.4	$	355.5