Rising 10 miles south of the six-mile stretch of Las Vegas Boulevard known as the Strip, the first phase of M Resort includes an 11-story building with 390 rooms and suites, 90,000 sf of gaming space and more than 40,000 sf of meeting and conference space. Other amenities include a 20,000-sf spa and outdoor pool, a top-floor lounge and multiple dining and entertainment options.
One of those entertainment options will be the Galaxy movie house, which will be accessible from the outside and from the inside on the casino level. The 63,000-sf building will have 3,100 seats in 14 auditoriums. It will offer Digital and 3-D movie projection, digital sound, over-sized movie screens, luxury stadium seating and premium concession selections.
The M Resort, Spa and Casino is being developed by local investor-developer Anthony A. Marnell III. Marnell III is the son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates built Wynn Las Vegas and Bellagio and will design and build the M Resort.
MGM Mirage is also involved in the project by way of a $160-million subordinated convertible note it provided in April. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM Mirage has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
The first phase of M Resort is rising 40 of 80 contiguous acres Marnell III controls. Prior to the slowdown in the for-sale housing market, Marnell III envisioned a total of 1,000 hotel rooms and nearly 2,000 condominium units in multiple mid-rise towers on the 80-acre site, as well as additional entertainment offerings. A Marnell spokesperson tells GlobeSt.com that no additional information has been released with regard to any phases beyond the first.
Despite its location 10 miles south of the Strip, M Resort will not be the only game in the area. Catty corner from the site, Olympia Gaming is planning to develop Southern Highlands Resort. Olympia received approval for the 100-acre, $2-billion mixed-use project last fall from the Clark County Commission. The $750-million first phase is slated to include 600 hotel rooms and an undisclosed amount of retail, entertainment and convention space.
Greg Wells, who oversees investments for the Marnell family, told GlobeSt.com last year he is confident the area eventually will grow into one of the most densely populated residential areas of the Las Vegas Valley, potentially making it attractive to locals. The area also will be convenient to the drive-in market thanks to a new freeway interchange at St. Rose Parkway and I-15 that is slated to open next year.
In October 2006, a Marnell III-led group agreed to acquire MGM Mirage's Colorado Belle and Edgewater hotel-casinos on the Colorado River in Laughlin. Marnell III's partner in the acquisition is an affiliate of Sher Gaming LLC, led by Ed Sher. In June 2006, the same Marnell-Sher partnership purchased the Saddle West Hotel and Casino in Pahrump, NV.
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