Anthony Marnell, the “M” in M Resort, to Open Spite Casino Across the Street
Posted on: September 4, 2025, 01:40h.
Last updated on: September 4, 2025, 01:56h.
- Anthony Marnell and his Marnell Companies built Henderson’s M Resort, which opened in 2009
- Due to the Great Recession, Marnell had $860 million in debt by 2010, which was purchased by Penn National Gaming for $260.5 million
- Now, Marnell wants to open a competing property directly across from the M
If you ever wondered what the “M” stands for in M Resort, it’s the surname of Anthony A. Marnell III, who built the property 10 miles south of the Strip and opened it in March 2009 — smack in the middle of the Great Recession.
So it’s no coincidence as to where the chair and CEO of the casino development firm Marnell Companies wants to develop his first project after the M: on the northeast corner of Las Vegas Boulevard and St. Rose Parkway — right across the street from the M.
Marnell is looking to put a 600-room casino resort on 35 acres he owns there, according to the Las Vegas Review-Journal. The project would also include a food hall, entertainment lounge, meeting and banquet space, and a pool deck.
In an interview with the local newspaper, Marnell admitted the obvious: that it would be “absolutely in direct competition” with the M.
‘M’ is for Memory
The “M” name was a tribute to the Marnell family legacy in Las Vegas casino development. Anthony’s father, Tony Marnell, famously built the Rio and Mirage, and their firm Marnell Corrao Associates designed and constructed the M Resort.
By October 2010, however, the M was drowning in debt caused by the Great Recession — $860 million, to be exact. That’s when Penn National Gaming (now Penn Entertainment) swooped in and bought the debt for $230.5 million, a 75% discount that effectively gave them control of the property.
By June 2011, Penn had officially acquired the resort after regulatory approval, and Marnell was retained as president, but with no ownership stake, he left the role in 2015. The resort is now owned by Gaming and Leisure Properties and operated by Penn, a structure typical of Penn’s real estate investment trust model.
In 2021, the Henderson City Council approved the sale of a 9-acre lot of city-owned land to Marnell that is part of the footprint of what “Curb Your Enthusiasm” creator Larry David would probably call a “spite casino.”
The council agreed to sell the land for between $4.3 million and $6.8 million, depending on how long closing takes, according to the R-J, though city officials gave Marnell up to 15 years to complete the deal. Marnell said he is most likely three to five years away from breaking ground.
As a condition of the approval, Marnell agreed to develop a casino resort into which he’ll personally invest at least $250 million.
Meanwhile, Penn Entertainment announced on Wednesday a December 1 opening date for a new second tower at M Resort, which would nearly double the property’s capacity to 765 rooms. The property will also get a new restaurant from celebrity chef Emeril Lagasse.
Last Comments ( 13 )
“M was drowning in debt caused by the Great Recession” I guess the recession borrowed the money and couldn’t pay it back. The family has all the money in the world and they couldn’t make a payment to save their property? If anthony really wanted to keep the property, he could have, easily, but he didn’t, obviously. If the market turns south again and Anthony has some debt, will,he bail on that project too?
Studio B....hands down needs a comeback...Tony we're rootin for ya
I totally noticed a difference in shift from Marnell owning it to Penn. The M casino was opened the same year as I had my daughter, their birthdays are together she's December 15th 2009, opening was March 15, 2009. She's been with the M forever as staycation & for her birthday every year. She was the only child there in the casino forever, she ran it practically LOL! We knew things changed up but didn't really see any news of it & no one could answer. Now, we know. To learn again December 1st will be Penn opening the new side December 1st, the Casino turned 16 this year my daughter turns 16 this yr on 15th. So, definitely will be there and reserve her room as every year for her 16th and celebrate. Penn and gaming contact me. as for Marnell building competition casino across the street, Mann Marnell you will have to built the suits better, because that 1 bed factor in that big suits was no bueno, there was nothing that allowed more than one couple to stay in that huge room. 2nd, you designed the M like the circa and the retired thats why it struggled to make it and since adding families, it increased. Oh, and make it on my daughter's birthday year again or even her birthday (hint hint)
Why would anyone build another casino resort and compete for a dwindling base of customers? Many of us 'locals' stay away from the Strip and the local properties because they're just too expensive anymore! The world is waking up to the fact that Las Vegas is just not affordable as a destination! Hate to say it, but the visitor count will continue to drop until all these corp. owned properties figure out their gauging away their customer base!
I believe this will be good for BOTH casinos. Also - like others, I am hoping for BUFFET
Is it a consequence that we have a down turn in the tourist economy, and a possible depression coming with all these tariffs, and he wants to build a hotel casino in the same location that wasn't successful last time?
I do not blame Tony for doing this he got screwed in that deal I hope this hurts penn gaming big time
If some Casino owners would build one across his lot and Southpoint is planning to build one on their existing adjacent lot. And there's more big vacant lots around that boulevard....that area would become the new strip?
Sounds like a good way to lose $250 million.
Would a "spite casino" offer only quadruple-0 roulette and 5:6 blackjack? (Yes, 5:6)
Bring back the Original Buffet which was a Local Favorite
The Mirage Hotel was built by Sierra Construction .
Re-create what was the best buffet in Las Vegas.