WYOMISSING, PA-Locally based Penn National Gaming purchased all of the bank debt for the M Resort Spa Casino in Henderson, NV, from Bank of Scotland plc, for $230.5 million. The deal included $160 million of subordinated debt that was held by MGM Resorts International.
The deal will give Penn Gaming control of its first facility in the Las Vegas area. The company currently operates 23 properties, mostly on the East Coast and in the Southeast.
M Resort opened in March 2009, and is about 10 miles south of the Las Vegas Strip. Its features include 92,000 square feet of gaming space with 1,900 slot machines, 390 hotel rooms, nine restaurants and 60,000 square feet of meeting and conference space. A one-million-square-foot retail development is also planned for the resort.
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