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Property and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2024
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 31
Furniture, fixtures, and equipment | 1 to 31
Property and equipment, net, consisted of the following:
| December 31,
(in millions) | 2024 |  | 2023
Property and equipment - Not Subject to Master Leases |  |  |
Land and improvements | $ | 125.5 |  |  | $ | 137.2 |
Building, vessels, and improvements | 323.4 |  |  | 323.2 |
Furniture, fixtures, and equipment | 1,852.9 |  |  | 1,846.3 |
Leasehold improvements | 584.4 |  |  | 521.2 |
Construction in progress | 491.4 |  |  | 172.8 |
| 3,377.6 |  |  | 3,000.7 |
Less: Accumulated depreciation | (1,900.3) |  |  | (1,813.7) |
| 1,477.3 |  |  | 1,187.0 |
Property and equipment - Subject to Master Leases |  |  |
Land and improvements | 1,427.1 |  |  | 1,427.1 |
Building, vessels, and improvements | 1,591.3 |  |  | 1,591.3 |
| 3,018.4 |  |  | 3,018.4 |
Less: Accumulated depreciation | (790.7) |  |  | (691.4) |
| 2,227.7 |  |  | 2,327.0 |
Property and equipment, net | $ | 3,705.0 |  |  | $ | 3,514.0 |
Depreciation expense was as follows:
| For the year ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Depreciation expense (1) | $ | 293.9 |  |  | $ | 288.7 |  |  | $ | 329.1 |
(1)During the years ended December 31, 2024, 2023, and 2022, we recorded depreciation expense of $99.3 million, $112.4 million, and $175.6 million, respectively, related to real estate assets subject to 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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