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Property and Equipment
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

6. Property and Equipment

 

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

 

   September 30, 
   2021   2020 
Buildings and land  $162,217   $163,938 
Equipment   38,046    37,000 
Leasehold improvements   28,681    29,776 
Furniture   10,207    9,614 
Total property and equipment   239,151    240,328 
Less accumulated depreciation   (63,199)   (58,945)
Property and equipment, net  $175,952   $181,383 

 

Included in buildings and leasehold improvements above are construction-in-progress amounting to $3.4 million and $20,000 as of September 30, 2021 and 2020, respectively, which are mostly related to Bombshells projects.

 

Depreciation expense was approximately $8.0 million, $8.2 million, and $8.4 million for fiscal years 2021, 2020, and 2019, respectively. Impairment loss for property and equipment, including those later reclassified to assets held for sale, was $2.0 million, $302,000, and $4.2 million for fiscal 2021, 2020, and 2019, respectively.

 

 

RCI HOSPITALITY HOLDINGS, INC.

Notes to Consolidated Financial Statements