Opened in March 2009, at a cost of US$1 billion, the M Resort Spa Casino is situated on over 90 acres on the southeast corner of Las Vegas Boulevard and St. Rose Parkway. The resort features over 92,000 square feet of gaming space including 1,900 slot machines, 64 table games, 14 poker tables and a race and sports book. M Resort also offers 390 guest rooms and suites, nine restaurants and five destination bars, more than 60,000 square feet of meeting and conference space, a 4,700 space parking facility, a state-of-the-art spa and fitness center and a 100,000 square foot events piazza. The M Resort master plan includes the potential to develop up to one million square feet of retail and a multi-screen digital movie entertainment complex.

The family run property opened in March 2009 at maybe the worst possible time in the prevailing economic climate. By July 2009 CEO Anthony Marnell was saying, “This summer has been the most brutal I’ve ever seen in this business. August is going to be one of those months where you want to walk outside, dig a hole, get in and wake up on Labor Day.”

Today Penn National Gaming announced that it has purchased all of The M Resort LLC bank debt from Bank of Scotland, now part of Lloyds Banking Group, plus US$160 million of subordinated debt formerly held by MGM Resorts International, representing all the outstanding debt. The transaction has cost Penn US$230.5 million. The company presently operates twenty-three facilities in sixteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National’s operated facilities feature over 27,500 gaming machines, over 500 table games, over 2,000 hotel rooms and over one million square feet of gaming floor space.

Peter M. Carlino, Chief Executive Officer of Penn National commented, “This transaction represents a great opportunity for Penn National, M Resort, its customers and employees as we address the financial uncertainty and debt burden which has created an overhang on M Resort’s operations. The M Resort is a beautiful, fresh, upscale locals and destination-oriented casino resort which provides an excellent customer experience. M Resort is located ten miles from the Las Vegas Strip with access to I-15 and in close proximity to several master-planned communities.

Carlino added, “M Resort is a unique, differentiated property that we expect will continue to improve its operating results even without the benefit of a rebound in the local Las Vegas economy. Longer-term, the core attributes which contributed to the growth of Las Vegas into one of the world’s pre-eminent entertainment destinations including its favorable climate and low taxes, combined with Penn National's growing database of 12 million regional gaming customers, many of whom already visit Las Vegas, will further benefit M Resort and the local economy.” (E-10.08.10)

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