Property and Equipment

12 Months Ended

Dec. 31, 2015

Property and Equipment

Property and Equipment

8.     Property and Equipment

        Property and equipment, net, consists of the following:

December 31,	2015			2014
	(in thousands)
Property and equipment—non-leased
Land and improvements	$	288,910		$	42,350
Building and improvements		396,497			173,043
Furniture, fixtures and equipment		1,303,153			1,213,143
Leasehold improvements		129,012			120,984
Construction in progress		9,175			69,367
		2,126,747			1,618,887
Less Accumulated depreciation		(1,093,115	)		(988,490	)
		1,033,632			630,397
Property and equipment—leased
Land and improvements		382,246			382,702
Building and improvements		2,219,018			2,219,018
		2,601,264			2,601,720
Less accumulated depreciation		(654,828	)		(562,385	)
		1,946,436			2,039,335
Property and equipment, net	$	2,980,068		$	2,669,732

        During the year ended December 31, 2015, total property and equipment, net increased by $310.3 million primarily due to the acquisitions of Tropicana Las Vegas Hotel and Casino and Prairie State Gaming on August 25, 2015 and September 1, 2015, respectively and construction costs for the development of Plainridge Park Casino as well as normal capital maintenance expenditures, all of which were partially offset by the reclassification of the assets at Rosecroft Raceway facility as assets held for sale as of December 31, 2015, the disposal of certain assets at our Charles Town and Joliet properties, and depreciation expense for the twelve months ended December 31, 2015.

        Depreciation expense, for property and equipment as well as capital leases, totaled $258.9 million, $255.4 million, and $287.3 million in 2015, 2014 and 2013. Depreciation expense on the Master Lease assets was $92.4 million, $89.8 million and $14.8 million for the years ended December 31, 2015, 2014, and 2013 respectively. Interest capitalized in connection with major construction projects was $1.8 million, $0.9 million, and $1.4 million in 2015, 2014 and 2013, respectively.

        During the year ended December 31, 2015, the Company recorded no long-lived asset impairment charges. During the second quarter of 2014, the Company recorded a long-lived asset impairment charge of $4.6 million to write-down certain idle assets to their estimated salvage value. During the fourth quarter of 2013, in connection with the relocation of the Company's two racetracks in Ohio, the Company recorded a long-lived asset impairment charge of $2.2 million for the parcels of land that the racetracks resided on.