Property and Equipment

12 Months Ended

Dec. 31, 2014

9. Property and Equipment

Property and equipment, net, consists of the following:

December 31,	2014			2013
	(Restated)			(Restated)
	(in thousands)
Property and equipment—non-leased
Land and improvements	$	42,350		$	14,713
Building and improvements		173,043			156,443
Furniture, fixtures, and equipment		1,213,143			1,190,252
Leasehold improvements		120,984			49,238
Construction in progress		69,367			25,389

		1,618,887			1,436,035
Less accumulated depreciation		(988,490	)		(929,403	)

		630,397			506,632

Property and equipment—leased
Land and improvements		382,702			382,555
Building and improvements		2,219,018			2,050,503
Construction in progress		—			61,677

		2,601,720			2,494,735
Less accumulated depreciation		(562,385	)		(484,487	)

		2,039,335			2,010,248

Property and equipment, net	$	2,669,732		$	2,516,880

During the year ended December 31, 2014, total property and equipment, net increased by $152.9 million primarily due to the acquisition of Plainridge Racecourse (see Note 7), construction costs for the development of Plainridge Park Casino, the addition of a new hotel at Zia Park Casino and the addition of two new racinos in Ohio, as well as normal capitalized maintenance expenditures, all of which were partially offset by depreciation expense for the year ended December 31, 2014.

Depreciation expense, for property and equipment as well as capital leases, totaled $255.4 million, $287.3 million, and $232.6 million in 2014, 2013 and 2012. Depreciation expense on the Master Lease assets was $89.8 million and $14.8 million for the years ended December 31, 2014 and 2013, respectively. Interest capitalized in connection with major construction projects was $0.9 million, $1.4 million, and $8.4 million in 2014, 2013 and 2012, respectively.

During the second quarter of 2014, the Company recorded an impairment charge of $4.6 million to write-down certain idle assets to their estimated salvage value. During the fourth quarter of 2013, in conjunction with the relocation of the Company's two racetracks in Ohio, the Company recorded an impairment charge of $2.2 million for the parcels of land that the racetracks resided on, as the land was reclassified as held for sale.