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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure PROPERTY AND EQUIPMENT
As of March 31, 2024 and December 31, 2023, property and equipment was comprised of the following:
March 31,December 31,
(in thousands)20242023
Land$238,997 $238,997 
Land improvements163,215 162,211 
Building and improvements676,431 673,071 
Equipment270,634 264,398 
Furniture and fixtures69,171 68,746 
Construction in process86,537 73,810 
Total property, plant and equipment1,504,985 1,481,233 
Less: Accumulated depreciation(404,252)(306,345)
Property and equipment, net$1,100,733 $1,174,888 

Depreciation expense relating to property and equipment was $99.5 million for the three months ended March 31, 2024, and $18.7 million for the three months ended March 31, 2023. Depreciation expense during the three months ended March 31, 2024 included $80.1 million of accelerated depreciation related to the closure of the Tropicana Las Vegas property. Refer to Note 13 “Restructuring Expense” for further information. During the three months ended March 31, 2024 and March 31, 2023, the Company recorded capitalized interest of $1.8 million and $2.9 million, respectively.

Bally’s Chicago

A wholly-owned indirect subsidiary of the Company, Bally’s Chicago Operating Company, LLC entered into a Lease Termination and Short Term License Agreement with Chicago Tribune Company, LLC (“Tribune”), effective March 31, 2023, which, among other things, provides that the Company will have possession of 777 West Chicago Avenue, Chicago, Illinois 60610 on or before July 5, 2024, subject to $150 million in payments by the Company to Tribune payable in full upon Tribune vacating the site on or prior to July 5, 2024 (the “Payment”). $10 million of the Payment was paid upon execution of the Lease Termination and Short Term License Agreement and $90 million of the Payment was paid during the third quarter of 2023. The balance Payment amount of $50 million is secured by cash-collateralized letters of credit, issued by Citizens Bank. Cash collaterals are reported as restricted cash as of March 31, 2024.
The Company recorded the present value of the remaining payments of $48.7 million within “Accrued and other current liabilities” with an offsetting increase to “Property and equipment, net” within the condensed consolidated balance sheets as of March 31, 2024.