Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net and depreciation expense

Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:

	Years
Land improvements	15
Buildings and improvements	5 to 31
Vessels	10 to 35
Furniture, fixtures and equipment	3 to 31

Property and equipment, net, consisted of the following:

	December 31,
(in millions)	2021		2020
Property and equipment - Not Subject to Master Leases
Land and improvements	$	147.6	$	105.6
Building, vessels and improvements	327.3		205.4
Furniture, fixtures and equipment	1,714.8		1,620.4
Leasehold improvements	292.0		219.5
Construction in progress	70.7		89.8
	2,552.4		2,240.7
Less: Accumulated depreciation	(1,634.1)		(1,559.0)
	918.3		681.7
Property and equipment - Subject to Master Leases
Land and improvements	1,523.2		1,523.2
Building, vessels and improvements	3,640.0		3,640.3
	5,163.2		5,163.5
Less: Accumulated depreciation	(1,499.3)		(1,315.9)
	3,663.9		3,847.6
Property and equipment, net	$	4,582.2	$	4,529.3

Depreciation expense was as follows:

	For the year ended December 31,
(in millions)	2021		2020		2019
Depreciation expense (1)	$	314.3	$	336.9	$	381.6

(1)Of such amounts, $183.4 million, $156.1 million, and $158.9 million, respectively, pertained to real estate assets subject to either of our Master Leases.