Property and Equipment

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

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

	March 31, 2019		December 31, 2018
	(in thousands)
Land	$770		$770
Land improvements	2,382		2,382
Buildings	624,290		622,043
Building improvements	104,654		103,621
Furniture, fixtures and equipment	11,057		10,954
Construction in Progress	2,966		2,784
	746,119		742,554
Less: Accumulated depreciation	(53,271	)	(44,875	)
	$692,848		$697,679

The $3.6 million increase in property and equipment was primarily due to the reclassification of capitalized Development Projects costs to buildings, building improvements and furniture, fixtures and equipment during the three-month period ended March 31, 2019. At March 31, 2019, $6.9 million remains classified as capitalized Development Projects costs reflecting the ongoing construction of the Development Projects, primarily related to the Golf Course Project.

Depreciation expense was approximately $8.4 million and $4.7 million for the three-month periods ended March 31, 2019 and 2018, respectively.

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