v3.25.1
Property and Equipment
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
(In millions)March 31, 2025December 31, 2024
Land$2,059 $2,059 
Buildings, riverboats, and leasehold and land improvements14,935 14,866 
Furniture, fixtures, and equipment2,939 2,880 
Construction in progress206 167 
Total property and equipment20,139 19,972 
Less: accumulated depreciation(5,473)(5,160)
Total property and equipment, net$14,666 $14,812 
A portion of our property and equipment is subject to various operating leases for which we are the lessor. Leased property includes our hotel rooms, convention space and retail space through various short-term and long-term operating leases.
Depreciation Expense
Three Months Ended March 31,
(In millions)20252024
Depreciation expense$324 $291 
Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease.