Property and Equipment

6 Months Ended

Jun. 30, 2011

Property and Equipment

Property and Equipment

6.  Property and Equipment

Property and equipment, net, consists of the following:

	June 30,			December 31,
	2011			2010
	(in thousands)
Land and improvements	$	392,725		$	298,482
Building and improvements	1,705,418			1,534,117
Furniture, fixtures, and equipment	993,142			938,443
Leasehold improvements	17,151			17,089
Construction in progress	94,942			106,963
Total property and equipment	3,203,378			2,895,094
Less accumulated depreciation	(1,023,641		)	(929,320		)
Property and equipment, net	$	2,179,737		$	1,965,774

Total property and equipment increased by $308.3 million primarily due to the M Resort transaction that closed on June 1, 2011.

Depreciation expense, for property and equipment, totaled $53.4 million and $105.8 million for the three and six months ended June 30, 2011, respectively, as compared to $50.9 million and $100.4 million for the three and six months ended June 30, 2010, respectively.  Interest capitalized in connection with major construction projects was $1.0 million and $1.8 million for the three and six months ended June 30, 2011, respectively, as compared to $1.7 million and $2.8 million for the three and six months ended June 30, 2010, respectively.