Penn Entertainment breaks ground on M resort expansion
Penn Entertainment held a groundbreaking ceremony Monday at the M Resort Spa Casino in Henderson, Nevada, marking the beginning of a major expansion of the hotel.
The Pennsylvania-based regional casino operator announced in October that the M Casino, about 10 miles from the Las Vegas Strip, would be part of the company's broader $850 million expansion plan that also includes a move to Illinois. State and Ohio casino hotel improvements.
The project, with an estimated budget of $206 million, is expected to add 384 rooms to the company's campus south of the Las Vegas Strip, bringing the total number of rooms and suites to 774," Penn said in a statement. "In addition to the rooms In addition, there will be expanded meeting space, updated facilities and more local partnerships to be announced at a later date. "
Penn operates M Resorts, but the properties are owned by Gaming and Leisure Properties. Under such agreements in the gaming industry, the operator, not the owner, is responsible for improving and maintaining the venue.
M Resorts expansion important to Penn
Penn's efforts to beautify the M Resort Spa casino are important on multiple levels, not the least of which is that the operator operates only one other gaming venue in Nevada, Cactus Pete's Resort Casino in Jackpot.
Additionally, Henderson is one of the largest suburbs of Las Vegas, so the city is home to many casinos, most of which are geared toward Las Vegas locals. This means operators in this market need to compete heavily and bear the burden of keeping venues attractive and fresh.
In addition to improvements to the M Field, Henderson will soon see new venues from Boyd Gaming and Red Rock Resorts. Both operators have roots in Henderson.
Las Vegas locals’ argument is now getting a significant boost from the influx of new residents into the area from high-tax states, including California. Many new Sin City residents buy real estate with cash. Add to that their income tax savings (which Nevada doesn't have) and they have the means to treat themselves to a casino trip.
University of Pennsylvania redevelops other properties
Following the sale of the Tropicana franchise to Bally's in 2021, M becomes Penn Entertainment's sole source of exposure in Las Vegas. This may change in the future, but for now, it pays for operators to impress with their secluded properties in the Sin City area.
As mentioned above, Penn is also providing funding to renovate some of its regional casino hotels in the Midwest, a key region for the company.
"This new hotel is part of a previously announced plan for four new growth projects, including new land-based casinos in Aurora and Joliet, Illinois, and a new hotel in Columbus, Ohio. "The City of Aurora will provide With $50 million in project funding, Gaming and Leisure Properties has committed up to $575 million for all four growth projects, for a total budget of $850 million," Payne concluded in the statement.
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Source: www.casino.org
