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Property and Equipment | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
Property and Equipment | Note 8—Property and Equipment 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. Hurricane Laura In August 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property. As a result, we wrote off property and equipment with a net book value of $23.2 million of which $2.1 million and $21.1 million was included in Property and equipment – Not subject to Master Lease, and Property and equipment – Subject to Master Leases, respectively. Tropicana During the year ended December 31, 2020, we recorded $7.3 million of impairment on the property and equipment associated with Tropicana, relating to the operating assets, which is included in “Impairment losses” within our Consolidated Statements of Operations and Comprehensive Income (Loss). The charge was the result of an impairment assessment performed after reviewing the projected results of this property over the remaining lease term contained within the Tropicana Lease.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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