Property and Equipment

6 Months Ended

Jun. 30, 2016

4. Property and Equipment

Property and equipment, net, consists of the following:


	June 30,		December 31,
	2016		2015
	(in thousands)

Property and equipment - non-leased
Land and improvements	$	289,147	$	288,910
Building and improvements		401,693		396,497
Furniture, fixtures and equipment		1,321,965		1,303,153
Leasehold improvements		132,009		129,012
Construction in progress		14,028		9,175
		2,158,842		2,126,747
Less Accumulated depreciation		(1,164,816)		(1,093,115)
		994,026		1,033,632
Property and equipment - master lease
Land and improvements		382,246		382,246
Building and improvements		2,219,018		2,219,018
		2,601,264		2,601,264
Less accumulated depreciation		(700,548)		(654,828)
		1,900,716		1,946,436
Property and equipment, net	$	2,894,742	$	2,980,068

Property and equipment, net decreased by $85.3 million for the six months ended June 30, 2016 primarily due to depreciation expense, which is partially offset by improvements at Tropicana Las Vegas, and normal capital maintenance expenditures for the six months ended June 30, 2016.

Depreciation expense, for property and equipment including assets under capital leases, totaled $65.7 million and $131.3 million for the three and six months ended June 30, 2016, respectively, of which $22.8 million, $45.7 million related to assets under the Master Lease, respectively. No interest was capitalized in connection with major construction projects for the three and six months ended June 30, 2016 compared to $1.2 million and $1.8 million for the three and six months ended June 30, 2015.