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Property And Equipment
 12 Months Ended
Dec. 31, 2020
Property And Equipment [Abstract]  
Property And Equipment 5.  PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2020 and 2019 consisted of the following:

December 31,

Amounts in thousands

2020

2019

Land

$

49,928

$

49,369

Buildings and improvements

448,574

450,549

Gaming equipment

40,062

38,016

Furniture and non-gaming equipment

44,817

42,162

Property and equipment held under finance leases (Note 10)

552

731

Capital projects in process

855

2,065

$

584,788

$

582,892

Less: accumulated depreciation

(91,269)

(78,959)

Less: held for sale assets

(8,271)

—

Property and equipment, net

$

485,248

$

503,933

Depreciation expense was $22.9 million, $10.1 million and $9.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

During the year ended December 31, 2019, the Company wrote down the leasehold improvements and other assets at CCB based on the losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England. The assets were valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in negative value, and (ii) a value in exchange basis which resulted in no value for the assets due to the market for gaming in the United Kingdom. As a result of the valuation, the Company charged $8.0 million to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s consolidated statement of (loss) earnings for the year ended December 31, 2019. No long-lived asset impairment charges were recorded for the years ended December 31, 2020 and 2018.

In December 2020, the Company began to market the sale of the land and building that it owns in Calgary, Alberta, Canada. The Company currently operates Century Sports from this location and leases a portion of the land and building. The sale is expected to occur by the end of 2021. The held for sale assets include $4.7 million in land and $3.5 million in building and improvements, net of accumulated depreciation.

 


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