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Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment
Note 7—Property and Equipment
Property and equipment, net, consisted of the following:
 
December 31,
(in millions)
2019
 
2018
Property and equipment - Not Subject to Master Leases
 
 
 
Land and improvements
$
353.2

 
$
344.0

Building, vessels and improvements
420.4

 
343.0

Furniture, fixtures and equipment
1,598.3

 
1,565.8

Leasehold improvements
183.6

 
152.9

Construction in progress
59.3

 
25.5

 
2,614.8

 
2,431.2

Less: Accumulated depreciation
(1,548.3
)
 
(1,400.2
)
 
1,066.5

 
1,031.0

Property and equipment - Subject to Master Leases
 
 
 
Land and improvements (1)
1,525.9

 
2,971.0

Building, vessels and improvements (1)
3,664.6

 
3,845.0

 
5,190.5

 
6,816.0

Less: Accumulated depreciation
(1,136.8
)
 
(978.2
)
 
4,053.7

 
5,837.8

Property and equipment, net
$
5,120.2

 
$
6,868.8

(1)
Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments and $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”
Depreciation expense was as follows:
 
For the year ended December 31,
(in millions)
2019
 
2018
 
2017
Depreciation expense (1)
$
381.6

 
$
251.9

 
$
248.2

(1)
Of such amounts, $158.9 million, $112.1 million, and $92.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.
During the year ended December 31, 2018, we recorded $34.3 million of impairment on the property and equipment associated with Resorts Casino Tunica, principally relating to the real estate assets subject to the Penn Master Lease, which is included in “Impairment losses” within our Consolidated Statements of Income. The charge was the result of an impairment assessment performed after reviewing the financial results and projected results of this property, which had been impacted by nearby competition. We subsequently ceased operations of Resorts Casino Tunica on June 30, 2019.