aslan
Well-Known Member
M Resort CEO open to a role at casino after Penn National sale
It's been rough sledding for the M Resort, which opened in March 2009 at a time of precipitous decline for the Las Vegas economy.
After only four months in operation, the casino could no longer afford to make interest payments on its $700 million loan. M Resort secured the financing in September 2007, before the credit crisis hit and when Las Vegas tourism was flying high.
Which is why, after less than two years at the helm of his self-named resort, CEO Anthony Marnell III may well lose the property he and his family built.
On Friday, Penn National Gaming announced it had acquired $860 million in outstanding debt on the $1 billion resort for a meager $230.5 million -- a deal that gives Penn the right to take over ownership of the resort, which is worth less than the debt owed on it.
Marnell isn't counting himself out just yet.
"I've had two conversations with (Penn National Gaming CEO) Peter Carlino in the last 24 hours and they've been very positive, open and professional," Marnell said Friday.
-more- http://www.lasvegassun.com/news/2010/oct/08/penn-national-buys-debt-of-m-resort-in-las-vegas/
It's been rough sledding for the M Resort, which opened in March 2009 at a time of precipitous decline for the Las Vegas economy.
After only four months in operation, the casino could no longer afford to make interest payments on its $700 million loan. M Resort secured the financing in September 2007, before the credit crisis hit and when Las Vegas tourism was flying high.
Which is why, after less than two years at the helm of his self-named resort, CEO Anthony Marnell III may well lose the property he and his family built.
On Friday, Penn National Gaming announced it had acquired $860 million in outstanding debt on the $1 billion resort for a meager $230.5 million -- a deal that gives Penn the right to take over ownership of the resort, which is worth less than the debt owed on it.
Marnell isn't counting himself out just yet.
"I've had two conversations with (Penn National Gaming CEO) Peter Carlino in the last 24 hours and they've been very positive, open and professional," Marnell said Friday.
-more- http://www.lasvegassun.com/news/2010/oct/08/penn-national-buys-debt-of-m-resort-in-las-vegas/