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Property and Equipment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under Accounting Standards Codification (“ASC”) 805. Internal use software costs are capitalized during the application development stage. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Gains or losses on the disposal of property and equipment are included in operating income. Useful lives of each asset class are generally as follows:
Buildings and improvements | 3 to 40 years
Land improvements | 12 to 40 years
Furniture, fixtures and equipment | 3 to 15 years
Riverboats | 30 years
A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases. See Note 7 for further discussion of our leases. The Company evaluates its property and equipment and other long-lived assets for impairment whenever indicators of impairment exist. The Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge may be recorded for any difference between fair value and the carrying value. All recognized impairment losses are recorded as operating expenses, unless the assets represent a discontinued operation. See Note 3 for further discussion of impairment on assets previously held for sale.
Property and Equipment, Net |  |  |
| December 31,
(In millions) | 2024 |  | 2023
Land | $ | 2,059 |  |  | $ | 2,088 |
Buildings, riverboats, and leasehold and land improvements | 14,866 |  |  | 13,543 |
Furniture, fixtures, and equipment | 2,880 |  |  | 2,409 |
Construction in progress | 167 |  |  | 762 |
Total property and equipment | 19,972 |  |  | 18,802 |
Less: accumulated depreciation | (5,160) |  |  | (4,046) |
Total property and equipment, net | $ | 14,812 |  |  | $ | 14,756 |
Depreciation Expense |  |  |  |  |
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Depreciation expense | $ | 1,189 |  |  | $ | 1,117 |  |  | $ | 1,018 |
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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