The expansion project at Henderson’s M Resort will break ground by the end of 2023 and be completed in 2025 in Las Vegas, Nevada. This was revealed by Penn CEO Jay Snowden in a third-quarter earnings call with investors.
The 384-room expansion project will nearly double the capacity of Henderson’s M Resort to 774 rooms and suites. It will feature more than 92,000 square feet of event space. These include a 17,400 square-foot ballroom, LUX special event rooms, and a 25,000 square-foot M Pavilion. Moreover, a 15,000-square-foot ballroom will be part of the new hotel tower at the M Resort.
The resort is planned to capitalize on the development of west Henderson and increase group business capacity. It has benefited from its three-mile proximity to the Raiders’ corporate office and training facilities.
The resort inaugurated the world’s only official Raiders-themed restaurant, the Raiders Tavern & Grill, in April 2021. In 2019, the resort was chosen as the “Official Raiders Team Headquarters Hotel.”
Henderson’s M Resort expansion, a part of a four-property $850 million expansion in Illinois, Ohio, and Nevada
According to Snowden, the $206 million project is part of a four-property $850 million expansion in Illinois, Ohio, and Nevada. The Penn CEO said that the expansion of all four properties would start by the end of next year.
Gaming and Leisure Properties Inc., the Penn-affiliated real estate investment trust that owns the property beneath the four casinos, is providing $775 million in funding in addition to Penn’s $225 million investment in the four projects.
With GLPI, Penn has reached a $350 million variable cap rate that can be accessed at Penn’s discretion at then-current rates, providing the business with more balance sheet flexibility. Furthermore, the remaining $225 million is provided by GLPI at a capital rate of 7.75 percent.