Property and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment at September 30, 2019 and December 31, 2018 consists of the following:

	September 30, 2019		December 31, 2018
	(in thousands)
Land	$770		$770
Land improvements	2,403		2,382
Buildings	626,617		622,043
Building improvements	108,366		103,621
Furniture, fixtures and equipment	10,244		10,954
Construction in Progress	2,315		2,784
	750,715		742,554
Less: Accumulated depreciation	(70,765	)	(44,875	)
	$679,950		$697,679

The $8.2 million increase in property and equipment was primarily due to the reclassification of capitalized Development Projects costs for the Casino and The Alder to buildings, building improvements and furniture, fixtures and equipment during the nine-month period ended September 30, 2019. At September 30, 2019, $20.6 million remains classified as capitalized Development Projects costs, reflecting the ongoing construction of the Golf Course Project.

Depreciation expense was approximately $8.7 million and $7.9 million for the three-month periods ended September 30, 2019 and 2018, respectively, and approximately $26.1 million and $20.3 million for the nine-month periods ended September 30, 2019 and 2018, respectively.

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