Board recommends licensing of M Resort
The Nevada Gaming Control Board on Wednesday recommended licensing the $1.07 billion M Resort, which is scheduled to open March 1.
M Resort Chairman and Chief Executive Officer Anthony Marnell III told regulators that the 390-room hotel and casino will be marketed with an emphasis on locals but also as a destination resort to Southern California and the domestic markets.
"I believe the market is underserved for a destination resort that is not ... in the heart of the Las Vegas Strip and has great access from California," Marnell said. "Our location is one of the better locations to serve that market."
Approximately 466,000 people living within a 10-mile radius of the new resort have a median family income of $71,000, 24 percent higher than the rest of the valley, Marnell said.
The hotel will offer rooms in the mid-$100 range, and it will own and operate all nine restaurants.
Marnell said he expects to grow the property's revenues 5 percent between the first and second years, a business plan that surprised regulators with its aggressiveness.
The project is funded through an equity investment by the Marnell family, loans from the Bank of Scotland and $160 million investment by MGM Mirage.
A nearly 13 percent equity stake is held by the Ray Shapiro family, which owned a portion of the 80 acres the resort now sits on at the corner of Las Vegas Boulevard and St. Rose Parkway in Henderson.
The property has received nearly 38,000 applications for 1,800 jobs, Marnell said.
Nearly 400 people have been hired, and Marnell said the resort will be fully staffed by Feb. 14.
The Henderson City Council approved the M Resort's liquor and gaming licenses, pending state approval, in December.
A partnership with Sherman Oaks, Calif.-based Galaxy Theaters plans to break ground on a movie theater complex soon after the resort opens, Marnell said.
Construction on the 1 million-square-foot retail center, however, has been delayed at least two years.
M Resort is scheduled to go before the state Gaming Commission on Jan. 22 for final approval.
Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.
