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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure PROPERTY AND EQUIPMENT
As of September 30, 2024 and December 31, 2023, property and equipment was comprised of the following:
September 30,December 31,
(in thousands)20242023
Land and improvements$53,937 $401,208 
Building and improvements689,151 673,071 
Equipment289,405 264,398 
Furniture and fixtures69,808 68,746 
Construction in process134,102 73,810 
Total property, plant and equipment1,236,403 1,481,233 
Less: Accumulated depreciation(440,912)(306,345)
Property and equipment, net$795,491 $1,174,888 

Depreciation expense relating to property and equipment was $19.3 million and $20.2 million for the three months ended September 30, 2024 and 2023, respectively, and $138.6 million and $57.8 million for the nine months ended September 30, 2024 and 2023, respectively. Depreciation expense during the nine months ended September 30, 2024 included $80.1 million of accelerated depreciation related to the closure of the Tropicana Las Vegas property on April 2, 2024. Refer to Note 13 “Restructuring Expense” for further information. The Company recorded capitalized interest of $1.9 million and $2.9 million during the three months ended September 30, 2024 and 2023, respectively, and $5.9 million and $7.9 million during the nine months ended September 30, 2024 and 2023, 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, provided 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 Company paid the remaining $50 million on July 9, 2024 and gained possession of the property per the agreement with Tribune.

In the third quarter of 2024, as the result of a lease modification event, the Company derecognized $350.0 million of land relating to the site of the future Bally’s Chicago permanent facility. Refer to Note 15 “Leases” for further information.