v3.26.3
Note 2 - Property and Equipment, Net
 9 Months Ended
Sep. 30, 2026
Notes to Financial Statements  
Property, Plant, and Equipment [Text Block]

NOTE 2.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

 

 

 

September 30,

 

 

December 31,

 

(In thousands)

 

2026

 

 

2025

 

Land

 

$

351,888

 

 

$

356,696

 

Buildings and improvements

 

 

3,393,861

 

 

 

3,365,328

 

Furniture and equipment

 

 

2,003,136

 

 

 

1,980,090

 

Riverboats and barges

 

 

190,350

 

 

 

194,292

 

Construction in progress

 

 

387,163

 

 

 

271,603

 

Total property and equipment

 

 

6,326,398

 

 

 

6,168,009

 

Less accumulated depreciation

 

 

(3,297,037

)

 

 

(3,296,625

)

Property and equipment, net

 

$

3,029,361

 

 

$

2,871,384

 

 

Depreciation expense is as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Depreciation expense

 

$

85,588

 

 

$

68,802

 

 

$

261,401

 

 

$

198,168

 

 

During the nine months ended September 30, 2025, as a result of our first quarter 2025 impairment review, the Company recorded a long-lived asset impairment charge of $32.3 million for property and equipment related to our Las Vegas Locals segment. In addition, as a result of our third quarter 2025 impairment review, the Company recorded long-lived asset impairment charges of $47.3 million for property and equipment related to our Midwest & South segment and $17.8 million for property and equipment related to our Las Vegas Locals segment. To determine the value of the long-lived assets and the resulting impairments, we utilized the income approach which focuses on the income-producing capability of the asset and the sales comparison approach which focuses on comparable sales transactions. These noncash impairment charges are recorded in impairment of assets on the condensed consolidated statement of operations. There were no impairments of our property and equipment long-lived assets during the nine months ended September 30, 2026.