Property and Equipment

6 Months Ended

Jun. 30, 2018

Property and Equipment

Property and Equipment

4.  Property and Equipment

Property and equipment, net, consists of the following:

	June 30,		December 31,
	2018		2017
	(in thousands)
Property and equipment - non-Master Lease
Land and improvements	$	294,716	$	294,695
Building and improvements		431,253		429,015
Furniture, fixtures and equipment		1,387,069		1,385,889
Leasehold improvements		131,440		130,801
Construction in progress		27,000		15,617
		2,271,478		2,256,017
Less Accumulated depreciation		(1,391,172)		(1,345,147)
		880,306		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		(883,018)		(837,478)
		1,800,259		1,845,799
Property and equipment, net	$	2,680,565	$	2,756,669

Property and equipment, net decreased by $76.1 million for the six months ended June 30, 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 $54.4 million and $110.3 million and $63.7 million and $128.7 million for the three and six months ended June 30, 2018 and 2017, respectively, of which $22.9 million and $46.2 million and $23.0 million and $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, 2018, as compared to $0.1 million for the three and six months ended June 30, 2017.