Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net, consisted of the following:


(In thousands)	September 30, 2022		December 31, 2021
Land	$	125,240	$	125,240
Building and improvements	915,178		937,759
Furniture and equipment	233,989		246,323
Construction in process	20,699		16,347
Property and equipment	1,295,106		1,325,669
Accumulated depreciation	(453,236)		(421,449)
Property and equipment, net	$	841,870	$	904,220

Depreciation expense for property and equipment, including finance leases, was $22.4 million and $70.3 million for the three and nine months ended September 30, 2022, respectively, and $24.6 million and $74.2 million for the three and nine months ended September 30, 2021, respectively.

The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Due to the significant impact of the COVID-19 pandemic on the Company’s operations, the Company decided to keep operations of its Colorado Belle property suspended. Based on the results of its interim impairment assessments conducted during the three and

nine months ended September 30, 2022 and 2021, the Company concluded that there was no impairment of the Company’s long-lived assets.

To the extent the Company becomes aware of new facts and circumstances that would result in a triggering event, 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.