Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:




	September 30,		December 31,
(In thousands)	2013		2012
Land	$	336,078	$	341,174
Buildings and improvements	3,842,193		3,826,880
Furniture and equipment	1,319,385		1,305,216
Riverboats and barges	189,139		187,620
Construction in progress	74,427		27,397
Other	21,751		23,013
Total property and equipment	5,782,973		5,711,300
Less accumulated depreciation	2,257,427		2,123,986
Property and equipment, net	$	3,525,546	$	3,587,314

Other property and equipment presented in the table above relates to the net realizable value of construction materials inventory that was previously included in assets held for development at December 31, 2012, and that was not disposed of with the sale of the Echelon project. Such assets are not in service and are not currently being depreciated.

On May 22, 2013, we completed the sale of certain assets and liabilities of Dania Jai-Alai in Dania Beach, Broward County, Florida, to Dania Entertainment. The property and equipment table above excludes the assets related to these discontinued operations.

Depreciation expense for the three months ended September 30, 2013 and 2012 was $56.9 million and $48.9 million, respectively. Depreciation expense for the nine months ended September 30, 2013 and 2012 was $173.6 million and $147.3 million, respectively.

- 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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