Property and Equipment

3 Months Ended

Mar. 31, 2016

4. Property and Equipment

Property and equipment, net, consists of the following:

	March 31,			December 31,
	2016			2015
	(in thousands)

Property and equipment - non-leased
Land and improvements	$	289,030		$	288,910
Building and improvements	396,593			396,497
Furniture, fixtures, and equipment	1,308,387			1,303,153
Leasehold improvements	131,760			129,012
Construction in progress	17,700			9,175

	2,143,470			2,126,747
Less accumulated depreciation	(1,131,767		)	(1,093,115		)

	1,011,703			1,033,632

Property and equipment - master lease
Land and improvements	382,246			382,246
Building and improvements	2,219,018			2,219,018

	2,601,264			2,601,264
Less accumulated depreciation	(677,697		)	(654,828		)

	1,923,567			1,946,436

Property and equipment, net	$	2,935,270		$	2,980,068

Property and equipment, net decreased by $44.8 million for the three months ended March 31, 2016 primarily due to depreciation expense, which is partially offset by improvements at Tropicana Las Vegas, and normal capital maintenance expenditures for the three months ended March 31, 2016.

Depreciation expense, for property and equipment including assets under capital leases, totaled $65.6 million and $63.4 million for the three months ended March 31, 2016 and March 31, 2015, respectively, of which $22.9 million, $23.2 million related to assets under the Master Lease, respectively. No interest was capitalized in connection with major construction projects for the three months ended March 31, 2016 compared to $0.6 million for the three months ended March 31, 2015.