Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	December 31,
	2012		2011
	(In thousands)
Land	$	377,748	$	614,697
Buildings and improvements	3,827,980		3,513,230
Furniture and equipment	1,306,150		1,185,737
Riverboats and barges	187,620		168,204
Other	50,720		37,368
Total property and equipment	5,750,218		5,519,236
Less accumulated depreciation	2,125,230		1,977,128
Property and equipment, net	$	3,624,988	$	3,542,108

Depreciation expense for the years ended December 31, 2012, 2011 and 2010 was $199.5 million, $190.6 million and $199.0 million, respectively.

Other assets presented in the table above primarily relate to property and equipment-related costs capitalized in conjunction with major improvements and that have not yet been placed into service, and such costs are not currently being depreciated. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value. An impairment loss shall be recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment shall be based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss shall be measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

During the year ended December 31, 2012, we reclassified $237.0 million of land adjacent to the Echelon project to assets held for development, based on the decision not to resume development of the Echelon project, and the expectation to dispose of the assets, including the adjacent land. See Note 5, Assets Held for Development, and Note 18, Impairments and Other Operating Items, Net, for discussion of impairment charges recognized in the year ended December 31, 2012.

There were no impairments of long-lived assets during the years ended December 31, 2011 and 2010.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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