Property and Equipment

9 Months Ended

Sep. 30, 2012

Property and Equipment

Property and Equipment

6.  Property and Equipment

Property and equipment, net, consists of the following:

	September 30,			December 31,
	2012			2011
	(in thousands)
Land and improvements	$	378,864		$	362,402
Building and improvements	1,905,986			1,715,144
Furniture, fixtures, and equipment	1,112,515			1,021,362
Leasehold improvements	16,919			16,910
Construction in progress	314,333			256,459
Total property and equipment	3,728,617			3,372,277
Less accumulated depreciation	(1,233,495		)	(1,095,077		)
Property and equipment, net	$	2,495,122		$	2,277,200

Total property and equipment, before accumulated depreciation, increased by $356.3 million primarily due to expenditures for Hollywood Casino Toledo, which opened on May 29, 2012, and Hollywood Casino Columbus, which opened on October 8, 2012.

Depreciation expense, for property and equipment, totaled $62.4 million and $172.3 million for the three and nine months ended September 30, 2012, respectively, as compared to $51.8 million and $157.6 million for the three and nine months ended September 30, 2011, respectively.  Interest capitalized in connection with major construction projects was $2.4 million and $8.3 million for the three and nine months ended September 30, 2012, respectively, as compared to $1.7 million and $3.5 million for the three and nine months ended September 30, 2011, respectively.