US-based operator Penn National Gaming has gained access to the Las Vegas gaming market following the completion of its acquisition of the debt-ridden M Resort.
Penn National originally announced that it would be acquiring the business in October last year, having agreed to purchase all of the resort’s outstanding debt for $230.5m from Bank of Scotland. Following regulatory approval, the company has now taken control of the property, which is located 10 miles south of the Las Vegas Strip.
Penn National CEO, Peter Carlino, said the acquisition was a "compelling opportunity" for growth.
"Through this transaction," he said, "M Resort has emerged as a financially sound, debt free, upscale locals and destination-oriented casino resort with extensive high-quality amenities.
"M Resort is a premiere locals-oriented facility as well as a great property to be marketed to southern California customers as well as to meeting and convention groups. In addition, M Resort is an attractive asset that we plan to continue marketing to our database of over 12 million regional gaming customers by offering them a world-class Las Vegas gaming experience."
M Resort was developed by Anthony Marnell, who will serve as president of the property following Penn National’s buy-out.
In the 12 months to March 31, the resort recorded revenue of $159m and EBITDA of $16.7m.
