The M Resort has a new owner today as Penn National bought them this morning.
From the Las Vegas Sun: It's been rough sledding for the M Resort, which opened in March 2009 at a time of precipitous decline for the Las Vegas economy.
After only four months in operation, the casino could no longer afford to make interest payments on its $700 million loan. M Resort secured the financing in September 2007, before the credit crisis hit and when Las Vegas tourism was flying high.
Which is why, after less than two years at the helm of his self-named resort, CEO Anthony Marnell III may well lose the property he and his family built.
On Friday, Penn National Gaming announced it had acquired $860 million in outstanding debt on the $1 billion resort for a meager $230.5 million -- a deal that gives Penn the right to take over ownership of the resort, which is worth less than the debt owed on it.
After only four months in operation, the casino could no longer afford to make interest payments on its $700 million loan. M Resort secured the financing in September 2007, before the credit crisis hit and when Las Vegas tourism was flying high.
Which is why, after less than two years at the helm of his self-named resort, CEO Anthony Marnell III may well lose the property he and his family built.
On Friday, Penn National Gaming announced it had acquired $860 million in outstanding debt on the $1 billion resort for a meager $230.5 million -- a deal that gives Penn the right to take over ownership of the resort, which is worth less than the debt owed on it.
I am quite surprised by this sale. The M opened up last year with great fan fare and compliments. They have the best buffet in Las Vegas, bar none. The service is great They have great restaurants and the entertainment is not bad. Many people from California stayed there instead of the Strip because it is the first casino before you hit the Strip.
I hope the new owners keep the same quality service and great buffet keep the same number of employees.
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