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Full Steam Ahead for $700M Resort-Casino

HENDERSON, NV-While other projects stall, M Resort, which topped out last week, glides toward its early 2009 opening.

By Brian K. Miller | Updated on August 11, 2008

HENDERSON, NV-While other major development projects are struggling to find financing, the $700-million M Resort, Spa and Casino is fully funded and on track for its early 2009 debut. Anthony Marnell III, the developer, tells GlobeSt.com that all necessary financing and fixed-price construction contracts have been in place since the start of construction. A topping-out ceremony for the project was held late last week.

“Some projects now in turmoil were started with corporate revolvers; it was assumed that financing would be available at a later date and then the market fell apart and the revolvers ran out or were running out,[forcing the projects were canceled or put on hold],” Marnell III says. “We weren’t in that position; we’re not a big corporation, we didn’t have a revolver so we needed everything in place to get started.”

Located at Las Vegas Boulevard and St. Rose Parkway, several miles south of the Strip, the 11-story M Resort will have 390 rooms and suites; 90,000 sf of gaming space; 40,000 sf of meeting and conference facilities; a 20,000-sf spa; a 2.3-acre pool and events area; a wine cellar and tasting room; a top-floor lounge and nine restaurants. The structures, including a 2,000-slip parking garage, cover about 12 of 95 contiguous acres controlled by Marnell III.

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