Penn players will now be able to visit Las Vegas without leaving the company’s properties.

Penn National Gaming finally got its Las Vegas destination last month. The Wyomissing, Pennsylvania-based company bought the debt of M Resort for $230.5 million, which includes $160 million of subordinated debt previously held by MGM Resorts.

The M Resort was built for nearly $1 billion by the Marnell family, which at one time owned the leading casino construction company in Las Vegas. The family built and owned the Rio casino hotel before selling it to Harrah’s in 1999.

Penn National buys an almost new property with spectacular architecture—a Marnell keystone—fabulous restaurants, a world-class spa and pool area, and a sports book that has developed a core of loyal customers. Meetings have begun to find the M Resort for its comfortable and well-laid-out convention space, away from the hustle and bustle of the Strip.

Meanwhile, M CEO Anthony Marnell III, along with his father Tony Marnell, wants to continue to run the property. Father and son are searching for a “white knight,” which would top the Penn offer and allow them to remain in control.

“I want to be at the M because the M is me,” Anthony Marnell III told the Las Vegas Sun. “We’ve grown from a hard 2009 into 2010 and into what looks to be a better 2011.”

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.