{"id":302766,"date":"2023-12-11T19:41:12","date_gmt":"2023-12-12T01:41:12","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=302766"},"modified":"2023-12-12T09:52:23","modified_gmt":"2023-12-12T15:52:23","slug":"penn-starts-construction-on-second-tower-at-m-resort","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/","title":{"rendered":"Penn Entertainment Breaks Ground on M Resort Expansion"},"content":{"rendered":"

Penn Entertainment held a groundbreaking ceremony Monday at the M Resort Spa Casino in Henderson, Nev. to mark the start of a significant expansion of the property.<\/p>\n

\"M
The M Resort Spa Casino in Henderson, Nev. Operator Penn Entertainment started construction on a new hotel tower there on Monday. (Image: YouTube)<\/figcaption><\/figure>\n

The Pennsylvania-based regional casino operator announced last October that the M, which is located about 10 miles from the Las Vegas Strip, will be part of a broader $850 million expansion<\/a> effort by the company that also includes enhancements at casino hotels in Illinois and Ohio.<\/p>\n

The project, with an estimated budget of $206 million, is expected to add 384 rooms to the Company\u2019s property south of the Las Vegas Strip, bringing its total to 774 rooms and suites,\u201d according to a statement issued by Penn. \u201cAlong with the rooms, there will be expanded meetings space, updated amenities and additional local partnerships that will be announced at a later date.\u201d<\/p><\/blockquote>\n

Penn operates M Resort, but the real estate assets are owned by Gaming and Leisure Properties. Under such arrangements in the gaming industry, operators not landowners are responsible for enhancements and upkeep of the venues.<\/p>\n

M Resort Expansion Important for Penn<\/h2>\n

Penn\u2019s efforts to spruce up the M Resort Spa Casino are important on multiple levels, not the least of which is the point that the operator runs just one other Nevada gaming venue, Cactus Pete\u2019s Resort Casino in Jackpot.<\/p>\n

\n

Additionally, Henderson is one of the largest incorporated suburbs of Las Vegas and, as such, the city is home to a slew of casinos, the bulk of which target Las Vegas locals. That means plenty of competition and a burden on operators in that market to keep venues attractive and fresh.<\/p>\n<\/div>\n

In addition to the enhancements at M, Henderson could soon see new gaming venues<\/a> from Boyd Gaming and Red Rock Resorts. Both of those operators are already entrenched in Henderson.<\/p>\n

The Las Vegas locals thesis<\/a> now receives significant ballast from the region\u2019s influx of new residents from high-tax states, including California. Many of those new Sin City residents pay cash for real estate. Combine that with their savings on income tax \u2014 Nevada doesn\u2019t have one \u2014 and they have the resources to indulge in casino visits.<\/p>\n

Penn Rehabbing Other Properties<\/h2>\n

Following the 2021 sale of the Tropicana\u2019s operating rights<\/a> to Bally\u2019s, the M is the sole source of Las Vegas exposure for Penn Entertainment. That could change in the future, but for now, it\u2019s worth it for the operator to impress with its lone Sin City-area property.<\/p>\n

As noted above, Penn is also doling out capital to renovate some of its regional casino hotels in the Midwest, which is one of the most important regions to the company.<\/strong><\/p>\n

\u201cThe new hotel is part of a previously announced plan for four new growth projects that includes new land-based casinos in Aurora and Joliet, Illinois, and a new hotel in Columbus, Ohio. The City of Aurora will be providing $50 million in funding for the project there, and Gaming and Leisure Properties, Inc. has committed up to $575 million towards the overall $850 million budget for all four growth projects,\u201d concluded Penn in the statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Penn Entertainment held a groundbreaking ceremony Monday at the M Resort Spa Casino in Henderson, Nev. to mark the start of a significant expansion of the property. The Pennsylvania-based regional casino operator announced last October that the M, which is located about 10 miles from the Las Vegas Strip, will be part of a broader […]<\/p>\n","protected":false},"author":46,"featured_media":250560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[81897,23],"acf":[],"yoast_head":"\nPenn Starts Construction On Second Tower At M Resort<\/title>\n<meta name=\"description\" content=\"Penn Entertainment commences construction of second hotel tower at M Resort Spa Casino.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn Starts Construction On Second Tower At M Resort\" \/>\n<meta property=\"og:description\" content=\"Penn Entertainment commences construction of second hotel tower at M Resort Spa Casino.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-12T01:41:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-12T15:52:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MResort.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/\",\"name\":\"Penn Starts Construction On Second Tower At M Resort\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MResort.jpg\",\"datePublished\":\"2023-12-12T01:41:12+00:00\",\"dateModified\":\"2023-12-12T15:52:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn Entertainment commences construction of second hotel tower at M Resort Spa Casino.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-starts-construction-on-second-tower-at-m-resort\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MResort.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MResort.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Penn Entertainment's M Resort in Henderson, Nevada. An analyst says it's not surprising Boyd Gaming is interested in Penn, but that doesn't mean a deal will happen. 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