Friday, Nov. 5, 2010 | 5:58 p.m.
Map of M Resort
Sun Coverage
Penn National Gaming executives have been high-fiving each other over their purchase of the M Resort’s debt for $230.5 million -- and the right to acquire the $1 billion property outright.
The “first-rate” property is but a “one-off” purchase that doesn’t meet the company’s ultimate objective of owning a Strip resort in Las Vegas, they said.
But that didn't diminish their excitement.
“I would easily rank this in the top five properties in (the Las Vegas) market,” Peter Carlino, CEO of the Pennsylvania-based casino chain, said during the company’s third quarter conference call last month. Still, it’s 10 miles from the Strip.
Some M customers figured that out the hard way early on when they decided to walk to the Strip from the resort rather than take a cab, Carlino said.
While the M looks deceptively close from its clear vantage point in the desert, “an hour and a half later they had some red-faced and bedraggled-looking people coming back much the worse for wear.”
President and Chief Operating Officer Tim Wilmott said it’s unlikely the company will buy something on the Strip anytime soon because resorts are priced too high relative to earnings.
“We’re still not going to rush out and pay a ridiculous price for a Strip asset,” he said.
Penn expects to improve earnings at M, in part by giving Penn customers nationwide the opportunity to stay at the 390-room resort using points earned by gambling. The property’s dependence on local gamblers will dampen that upside, however, Wilmott said.
Overall, the M represents a small financial commitment for the company, which plans to spend more than $1 billion in the coming years pursuing casinos in several states including Ohio and Kansas.
At M Resort, locals reign supreme. Anthony Marnell III opened this casino with value in mind. With affordable drinks and meals and lots of incentives to play, it's no wonder why M has been a hit since it opened its doors in March 2009.
The property is decorated with dark wood, rich colors and amber-like light fixtures. Gaming offerings include more than 1,800 slot machines and 60 table games, as well as a poker room and race and sports book.
The resort houses 390 guest rooms, including 39 luxury suites. Designed with a modern and contemporary feel, M’s rooms feature dark wood, chrome fixtures and white linens, and are accented by blue or burgundy throws and pillows. Rooms boast floor-to-ceiling windows with views of the mountains or the Strip.
M dining options include Studio B, a show kitchen buffet; "twisted farm food" at Hash House a Go Go; Baby Cakes bakery; Anthony’s Burgers & Brews, serving gourmet burgers and fries; Vig Deli; Anthony’s Prime Steak & Seafood; Marinelli’s Authentic Italian Dishes; and the Hostile Grape Wine Cellar, where guests can taste more than 160 types of wine. Plus, 32° Draft has one of the largest beer selections in the valley, with 96 different beers on tap.
The four-star awarded, 23,000-square-foot Spa Mio offers a variety of treatments and services with saunas, Jacuzzis, 16 massage and facial rooms and a full-service salon and barbershop complete with built-in ESPN in the mirrors. Locals also receive 25 percent off all regular price services.
DayDream Pool Club heads up M's adult pool party scene offering the only locals pool party in the Valley.
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