New M tower nears opening; Penn splits with ESPN
Southern Nevada’s hotel room inventory will climb by close to 400 to around 150,500 next month when a new tower of rooms opens at M Resort.
Penn Entertainment Inc. on Thursday reaffirmed the Dec. 1 tower opening, first announced in September, in Thursday’s earnings call with investors.
During the call, details of the tower opening were overshadowed by Penn’s stunning announcement that the company is terminating its online sportsbook agreement with ESPNBet.
The mutually reached separation agreement is effective Dec. 1 and is expected to be completed by the end of the fourth quarter.
The decision is expected to end speculation about whether ESPNBet would seek licensing in Nevada.
Designated as the official team headquarters hotel of the Raiders, M Resort’s sportsbook is operated by Caesars Entertainment-owned William Hill.
When M Resort opens its second tower next month, it will double the hotel’s capacity to 765 rooms.
The new tower is opening months ahead of when it originally was projected. The early opening will enable the Henderson hotel-casino to host guests for three major events, the National Finals Rodeo, New Year’s Eve and CES.
In addition to the new rooms, M is adding meeting space and a new high-profile restaurant.
Meeting space increased in October with the 15,000-square-foot Montese Ballroom and Penn said it estimated the overall expansion is adding 120 new jobs to the resort’s workforce.
Penn earlier announced that Emeril Lagasse would open a New Orleans favorite, Meril, at the valley’s southernmost resort.
The $206 million M tower expansion is the second of four major projects undertaken nationwide by Wyomissing, Pennsylvania-based Penn, a major regional casino operator with most of its properties in the East and South.
In Penn’s third quarter, which ended Sept. 30, the company reported a net loss of $865.1 million, $6.03 a share, on revenue of $1.72 billion. That compares to a net loss of $37.5 million, 24 cents a share, on revenue of $1.64 billion for the same quarter a year ago.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.
