On the southern fringe of the Las Vegas Valley, builders have packed the west Henderson space with warehouses, residence complexes and different tasks in recent times.
Now, the hotel-casino that anchored the realm is about to develop too.
M Resort operator Penn Leisure goals to interrupt floor on a second resort tower on the Henderson property within the fourth quarter this 12 months. The brand new 12-story constructing is slated to characteristic 375 rooms and about 15,000 sq. toes of further ballroom house, in response to the corporate.
Penn introduced the $206 million enlargement undertaking final fall.
Hussain Mahrous, vp and common supervisor of the M, advised the Evaluation-Journal final month that the 390-room resort is increasing as a result of the realm round it’s rising.
He additionally cited Southern Nevada’s robust tourism business popping out of the pandemic and the M’s sports activities business sponsorships, saying these have served the property effectively amid Las Vegas’ progress as a sports activities city.
Positioned on the nook of Las Vegas Boulevard and St. Rose Parkway, the M payments itself because the official group headquarters resort of each the Raiders, whose soccer apply facility is only a few miles from the resort, and the Henderson Silver Knights minor-league hockey group.
The property’s food-and-beverage roster consists of Raiders Tavern & Grill and Knight Time Hockey Bar. Mahrous stated the Raiders keep there earlier than residence video games and that minor-league hockey groups keep there as effectively.
The M was within the works earlier than Las Vegas’ frenzied actual property market crashed effectively over a decade in the past, however in the end, the resort opened in March 2009 amid the worst recession in many years.
Its unique developer, Anthony Marnell III, has stated it price round $750 million to develop the resort. Penn, previously often known as Penn Nationwide Gaming, purchased the debt on the undertaking in 2010 for $230.5 million and took management of the resort the next 12 months.
Marnell stayed on as president however left the M in 2015. Final fall, Penn introduced that Marnell Structure, which is beneath his household’s company umbrella, is designing the M’s second tower.
Marnell, chairman and CEO of Las Vegas-based Marnell Corporations, may also construct a brand new resort close by.
In 2021, the Henderson Metropolis Council authorised plans to promote him almost 9 acres of city-owned land throughout from the M. Beneath the phrases of the sale, Marnell has a number of years to shut the acquisition, albeit at an escalating worth the longer it takes.
The gross sales worth would vary from roughly $4.3 million to $6.2 million, metropolis paperwork present.
Final month, Marnell advised the Evaluation-Journal he’ll shut the acquisition however didn’t know when. He additionally didn’t have a timeframe for when he may begin development on a resort there.
Plans have referred to as for Marnell to construct a hotel-casino and make investments at the very least $250 million within the undertaking.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Observe @eli_segall on Twitter.