v3.26.1
Property and Equipment, net
6 Months Ended
Jun. 30, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
June 30, 2026December 31, 2025
Buildings and improvements$8,821,986 $8,708,210 
Land and improvements1,240,411 1,226,834 
Furniture, fixtures and equipment3,737,097 3,662,869 
Airplanes187,597 187,597 
Construction in progress364,791 350,286 
14,351,882 14,135,796 
Less: accumulated depreciation(7,737,180)(7,509,874)
$6,614,702 $6,625,922 

As of June 30, 2026 and December 31, 2025, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.
Depreciation expense for the three months ended June 30, 2026 and 2025 was $152.2 million and $140.1 million, respectively, and depreciation expense for the six months ended June 30, 2026 and 2025 was $299.8 million and $282.7 million, respectively.