Property and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment are comprised of the following at December 31, 2018 and 2017:

	12/31/2018		12/31/2017
	(in thousands)
Land	$770		$770
Land improvements	2,382		1,759
Buildings	622,043		4,727
Building improvements	103,621		29,874
Furniture, fixtures and equipment	10,954		5,551
Construction in Progress	2,784		77
	742,554		42,758
Less: Accumulated depreciation	(44,875	)	(15,895	)
	$697,679		$26,863

The $699.8 million increase in gross property and equipment was primarily due to the reclassification of capitalized Project Development costs to buildings, building improvements and furniture, fixtures and equipment during the year ended December 31, 2018. Construction of the Casino and The Alder was substantially completed on January 1, 2019. At December 31, 2018, $5.7 million remains classified as capitalized Project Development costs reflecting the ongoing construction of the Golf Course Project and The Alder.

Depreciation expense was approximately $29.0 million, $1.5 million and $1.3 million for years ended December 31, 2018, 2017 and 2016, respectively.

The VGMs at MRMI are owned by the NYSGC and, accordingly, the Company's consolidated financial statements include neither the cost nor the depreciation of those devices.