XML 41 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
Property and Equipment
 12 Months Ended
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)20242023
Land$2,059 $2,088 
Buildings, riverboats, and leasehold and land improvements14,866 13,543 
Furniture, fixtures, and equipment2,880 2,409 
Construction in progress167 762 
Total property and equipment19,972 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)202420232022
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.