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Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net, consisted of the following:
December 31,
(In thousands)20202019
Land$125,240 $125,240 
Building and improvements928,641 880,662 
Furniture and equipment246,292 222,938 
Construction in process6,714 49,869 
Property and equipment1,306,887 1,278,709 
Accumulated depreciation(331,137)(232,173)
Property and equipment, net$975,750 $1,046,536 
Depreciation expense for property and equipment, including finance leases, totaled $103.4 million, $93.9 million and $76.7 million for the years ended December 31, 2020, 2019 and 2018, respectively.
The Company concluded that the impact of the current COVID-19 pandemic on its operations and financial results was an indicator that impairment may exist related to its long-lived assets. As a result, throughout the year the Company revised its cash flow projections to reflect the current economic environment, including the uncertainty around the nature, timing and extent of elimination or change of the restrictions on its operations, and utilized such projections in performing interim and annual qualitative and quantitative assessments of its property and equipment for potential impairment. The revised cash flow projections also reflected the Company’s decision to keep operations of its Colorado Belle property suspended. Based on the results of interim and annual assessments conducted during the year, the Company concluded that there was no impairment of the Company’s long-lived assets as of and for the year ended December 31, 2020.
To the extent the Company becomes aware of new facts and circumstances arising from the COVID-19 pandemic that impact its operations, the Company will revise its cash flow projections accordingly, as its estimates of future cash flows are highly dependent upon certain assumptions, including, but not limited to, the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations and the extent and timing of the economic recovery globally, nationally, and specifically within the gaming industry. If such assumptions are not accurate, the Company may be required to record impairment charges in future periods, whether in connection with its regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.