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Property and Equipment
 12 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

7. Property and Equipment

 

Property and equipment consisted of the following (in thousands):

 

   September 30, 
   2020   2019 
Buildings and land  $163,938   $159,969 
Equipment   37,000    37,031 
Leasehold improvements   29,776    32,868 
Furniture   9,614    9,393 
Total property and equipment   240,328    239,261 
Less accumulated depreciation   (58,945)   (55,305)
Property and equipment, net  $181,383   $183,956 

 

Included in buildings and leasehold improvements above are construction-in-progress amounting to $20,000 and $8.9 million as of September 30, 2020 and 2019, respectively, which are mostly related to Bombshells projects.

 

Depreciation expense was approximately $8.2 million, $8.4 million, and $7.5 million for fiscal years 2020, 2019, and 2018, respectively. Impairment loss for property and equipment was $302,000, $4.2 million, and $1.6 million for fiscal 2020, 2019, and 2018, respectively.

 

 

RCI HOSPITALITY HOLDINGS, INC.

Notes to Consolidated Financial Statements