|
5. Property and Equipment
Property and equipment, net, consists of the following:
|
|
|
March 31, |
|
December 31, |
|
|
|
|
2012 |
|
2011 |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
Land and improvements |
|
$ |
355,160 |
|
$ |
362,402 |
|
|
Building and improvements |
|
1,720,366 |
|
1,715,144 |
|
|
Furniture, fixtures, and equipment |
|
1,035,067 |
|
1,021,362 |
|
|
Leasehold improvements |
|
16,910 |
|
16,910 |
|
|
Construction in progress |
|
349,151 |
|
256,459 |
|
|
Total property and equipment |
|
3,476,654 |
|
3,372,277 |
|
|
Less accumulated depreciation |
|
(1,136,873 |
) |
(1,095,077 |
) |
|
Property and equipment, net |
|
$ |
2,339,781 |
|
$ |
2,277,200 |
|
Total property and equipment, before accumulated depreciation, increased by $104.4 million primarily due to expenditures for Hollywood Casino Toledo and Hollywood Casino Columbus under construction in Ohio.
Depreciation expense, for property and equipment, totaled $53.2 million for the three months ended March 31, 2012, as compared to $52.4 million for the three months ended March 31, 2011. Interest capitalized in connection with major construction projects was $2.9 million for the three months ended March 31, 2012, as compared to $0.8 million for the three months ended March 31, 2011.
|