$1B resort plans unvieled for Henderson, NV

from today's GlobeSt

UPDATE Last updated: November 9, 2007 09:18am

Plans Take Shape for $1B M Resort
By Daniel D. Williams

"HENDERSON, NV-The M Resort, Spa and Casino has taken on a more specific shape as the company unveiled the project's master plan yesterday. The specs for the proposed $1-billion project includes an 11-story resort totaling 390 rooms and suites.
Other details include 90,000 sf of gaming space and more than 40,000 sf of meeting and conference space. The amenities include a 20,000-sf spa as well as multiple restaurants and entertainment options that have not yet been specified.

The project will be located 10 miles south of the Strip, and sits on some 80 acres at the southeast corner of St. Rose Parkway and Las Vegas Boulevard. It is set for a spring 2009 completion. The project is said to be the largest resort built within the city limits, according to M Resort officials.

The site is at an elevation 400 feet higher than the typical casinos found on the Las Vegas Strip. That elevation will play into the architecture and design, according to M Resort chairman and CEO Anthony A. Marnell III. In a company statement, Marnell says the site allows views of the Las Vegas skyline from all rooms, restaurants and the lobby. The design includes a 100,000-sf canyon feature pool area that will include waterfalls." ...

"As earlier reported on GlobeSt.com, MGM Mirage Inc. is investing $160 million in M Resort." ...

"MGM's investment is in the form of a subordinated convertible note. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in the M Resort after 18 months of the note's issuance if not repaid.

Henderson has seen other activity springing up in the area. Cater-corner from the M Resort site, Olympia Gaming is planning to develop Southern Highlands Resort. Olympia received approval for the 100-acre, $2-billion mixed-use project a year ago from the Clark County Commission. The $750-million first phase is slated to include 600 hotel rooms and an undisclosed amount of retail, entertainment and convention space.

In other Marnell news, in May, the firm agreed to acquire two MGM casinos in Laughlin for $200 million. The properties--the Colorado Belle and Edgewater hotel-casinos on the Colorado River--are being acquired with an affiliate of Sher Gaming LLC, led by Ed Sher." ...

for the complete story see:
http://www.globest.com/news/1032_1032/lasvegas/165864-1.html