Posted on: December 20, 2020, 12:39 pm.
Last update on: December 20, 2020, 01: 29h.
M Resort is a popular Las Vegas destination for locals and visitors who want a five-star experience but without the hassle of the Strip.
Empty land north of the M Resort is selected for a casino complex. (Image: AFAR)
M Resort is eight miles south of the Strip’s Welcome to Fabulous Las Vegas sign. Anthony Marnell III, the visionary behind the gaming complex in Henderson, is aiming again at the development area.
Last week, Henderson City Council signed a resolution committing the city to an agreement to sell 8.95 acres of city-owned land to Marnell. The agreement guarantees that the sale price will not be less than $ 4,326,000. The area is earmarked for hotel and casino development and is located directly across from St. Rose Parkway from the M Resort.
There’s no set schedule to get started, ”Marnell told the Las Vegas Review-Journal.
According to city planning documents, Marnell estimates the proposed casino resort will cost around $ 250 million, excluding the land price. Following the Henderson decision, Marnell will have to pay the $ 4.326 million in cash.
History will not repeat itself
Anthony Marnell is the son of legendary Las Vegas architect Tony Marnell II.
The Marnell Companies, an architecture, design and construction company, have been involved in building icons from southern Nevada such as Bellagio and Wynn Las Vegas. More recently, the company helped convert Monte Carlo from MGM Resorts to Park MGM.
Despite all the success of the Marnell Companies, the M Resort, with 390 rooms and valued at $ 750 million, came at the worst possible time. The boutique hotel-casino-resort opened in March 2009 when the national unemployment rate approached 10 percent in the Great Recession.
Marnell lost all of its ownership position in the casino less than two years after it opened. Penn National Gaming purchased the resort’s $ 860 million debt held by Bank of Scotland for $ 231 million in October 2010.
Marnell has learned from past mistakes in opening a casino hotel amid global economic turmoil. With COVID-19 continuing to disrupt business and travel both domestically and internationally, Marnell says the company will take time to decide whether to continue with the next Henderson project.
Today, M Resort’s physical assets are owned by Penn National Gaming’s real estate investment trust Gaming and Leisure Properties, Inc. (GLPI). The casino floor measures 96,000 square meters and offers guests 1,089 slot machines and 40 table games.
Prior to the COVID-19 pandemic, Penn National and GLPI said they had an “unsolicited” interest in their other property in southern Nevada, Tropicana Las Vegas. If the Strip Casino is sold, Penn CEO Jay Snowden believes it could lead its customers to M Resort.
M Resort has been on fire for years, ”Snowden said in February during the company’s 2019 investor call.
The area where the M Resort is located is benefiting from a real estate boom with apartment complexes and shared apartments still being built. The new NFL Las Vegas Raiders practice facility, located between the M Resort and Henderson Executive Airport, also brings new investments to the region.
The M Resort is the official hotel casino of the Raiders.