Property and Equipment

3 Months Ended

Mar. 31, 2018

Property and Equipment

Property and Equipment

4.  Property and Equipment

Property and equipment, net, consists of the following:

	March 31,		December 31,
	2018		2017
	(in thousands)
Property and equipment - non-Master Lease
Land and improvements	$	294,716	$	294,695
Building and improvements		430,440		429,015
Furniture, fixtures and equipment		1,381,443		1,385,889
Leasehold improvements		131,257		130,801
Construction in progress		17,345		15,617
		2,255,201		2,256,017
Less Accumulated depreciation		(1,367,370)		(1,345,147)
		887,831		910,870
Property and equipment - Master Lease
Land and improvements		424,700		424,700
Building and improvements		2,258,577		2,258,577
		2,683,277		2,683,277
Less accumulated depreciation		(860,456)		(837,478)
		1,822,821		1,845,799
Property and equipment, net	$	2,710,652	$	2,756,669

Property and equipment, net decreased by $46.0 million for the three months ended March 31, 2018 primarily due to depreciation expense, which is partially offset by maintenance capital expenditures, as well as improvements to food and beverage offerings at Tropicana Las Vegas.

Depreciation expense, for property and equipment including assets under capital leases, totaled $55.9 million and $65.0 million for the three months ended March 31, 2018 and 2017, respectively, of which $23.3 million and $22.7 million related to assets under the Master Lease, respectively. No interest was capitalized in connection with major construction projects for the three months ended March 31, 2018 and 2017.