Property and Equipment

3 Months Ended

Mar. 31, 2015

4. Property and Equipment

Property and equipment, net, consists of the following:

	March 31,			December 31,
	2015			2014
	(in thousands)

Land and improvements	$	43,211		$	42,350
Building and improvements	187,695			173,043
Furniture, fixtures, and equipment	1,218,830			1,213,143
Leasehold improvements	245,272			246,047
Construction in progress	115,955			69,367
Total property and equipment	1,810,963			1,743,950
Less accumulated depreciation	(1,008,443		)	(974,805		)
Property and equipment, net	$	802,520		$	769,145

Property and equipment, net increased by $33.4 million for the three months ended March 31, 2015 primarily due to the City of Lawrenceburg’s conveyance of a hotel and event center near Hollywood Casino Lawrenceburg (see Note 5 for further detail) and construction costs for the development of Plainridge Park Casino as well as normal capital maintenance expenditures, all of which were partially offset by depreciation expense for the three months ended March 31, 2015.

Depreciation expense totaled $42.9 million for the three months ended March 31, 2015, as compared to $42.0 million for the three months ended March 31, 2014. Interest capitalized in connection with major construction projects was $0.6 million for the three months ended March 31, 2015, as compared to $0.1 million for the three months ended March 31, 2014.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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