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Property and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
Schedule of property and equipment, net and depreciation expense | Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:
| Years
Land improvements | 15
Buildings and improvements | 5 to 31
Vessels | 10 to 35
Furniture, fixtures and equipment | 3 to 31
Property and equipment, net, consisted of the following:
| December 31,
(in millions) | 2020 |  | 2019
Property and equipment - Not Subject to Master Leases |  |  |
Land and improvements (1) | $ | 105.6 |  |  | $ | 353.2 |
Building, vessels and improvements (1) | 205.4 |  |  | 420.4 |
Furniture, fixtures and equipment | 1,620.4 |  |  | 1,598.3 |
Leasehold improvements | 219.5 |  |  | 183.6 |
Construction in progress | 89.8 |  |  | 59.3 |
| 2,240.7 |  |  | 2,614.8 |
Less: Accumulated depreciation(1) | (1,559.0) |  |  | (1,548.3) |
| 681.7 |  |  | 1,066.5 |
Property and equipment - Subject to Master Leases |  |  |
Land and improvements | 1,523.2 |  |  | 1,525.9 |
Building, vessels and improvements | 3,640.3 |  |  | 3,664.6 |
| 5,163.5 |  |  | 5,190.5 |
Less: Accumulated depreciation | (1,315.9) |  |  | (1,136.8) |
| 3,847.6 |  |  | 4,053.7 |
Property and equipment, net | $ | 4,529.3 |  |  | $ | 5,120.2 |
(1)On April 16, 2020, we sold real estate assets associated with our Tropicana property to GLPI. See Note 6, Acquisitions and Dispositions. Depreciation expense was as follows:
| For the year ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
Depreciation expense (1) | $ | 336.9 |  |  | $ | 381.6 |  |  | $ | 251.9 |
(1)Of such amounts, $156.1 million, $158.9 million, and $112.1 million, respectively, pertained to real estate assets subject to either of our Master Leases.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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