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Property and Equipment | 12 Months Ended
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Dec. 31, 2024
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) | 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 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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