Penn National Takes Over The M Resort
In a press release Peter M. Carlino, Chief Executive Officer of Penn National commented, "This transaction represents a great opportunity for Penn National, M Resort, its customers and employees as we address the financial uncertainty and debt burden which has created an overhang on M Resort's operations."
The resort has struggled to find its way since it opened last year but the acquisition gives Penn National, which considered taking on the unfinished Fontainebleau Las Vegas project last year, a Las Vegas foothold. Penn National owns several race track casinos in the east and owns casino properties in Pennsylvania and Maryland.
Penn National hopes to use its existing database of 12 million regional gaming customers to drive customers to the resort. The M Resort's master plan includes the potential to develop up to one million square feet of retail and a multi-screen digital movie entertainment complex. The biggest battle facing the M is likely location. With all of Las Vegas struggling to capture tourist attention, most of the energy is centered on the Las Vegas Strip, the M resort is not far enough away to be separate from the city but not close enough to be part of the main action. The resort's original plan was to rely on local buzz and drive-in traffic to fill the resort.
To celebrate the resort's first anniversary they are offering a special package with rates starting at $75 per night for a minimum two night stay with $20 Off two entrees at Marinelli's, $25 off a treatment or service at Spa Mio, complimentary bottle of wine and more.