M Casino: The M Resort Spa Casino is one of the most recognizable properties located just south of the Las Vegas Strip, offering a luxurious experience to both tourists and locals. Its sleek design, modern amenities, and strategic location near Interstate 15 have made it a favorite among travelers seeking a quieter alternative to the Strip’s intensity. But behind the polished front desk and casino floor lies a complex business structure that separates ownership from operation.
M Casino: This article breaks down who actually owns the M Resort Spa Casino — not just in name, but in legal, financial, and operational terms — and how its business model reflects broader trends in the gaming and hospitality industry.
1. M Casino: Understanding Casino Ownership Models
M Casino: Before we get into the specifics of the M Resort, it’s helpful to understand how many U.S. casinos are structured.
M Casino: Most modern casinos follow a “split ownership model”, where:
- One company owns the land and buildings (often a real estate investment trust, or REIT)
- Another company operates the casino, handling gaming licenses, hotel management, and staff
M Casino: This model allows each party to focus on their specialty — real estate vs. gaming operations — and reduces financial risk for both.
2. M Casino: The M Resort at a Glance
| Feature | Details |
|---|---|
| Name | M Resort Spa Casino |
| Location | Henderson, Nevada |
| Opened | March 2009 |
| Hotel Rooms | 390+ (Expansion underway) |
| Gaming Space | ~92,000 square feet |
| Distance from Strip | ~10 miles south of Las Vegas Strip |
| Primary Market | Locals, business travelers, regional tourists |
M Casino: The “M” stands for Marnell, the last name of the family that initially developed the property.
3. M Casino: Historical Overview: From Marnell to Corporate Hands
a. Original Developer: The Marnell Family
M Casino: The M Resort was originally developed by Anthony Marnell III, a casino executive whose family had deep ties to Las Vegas construction and resort development. His company, Marnell Corrao Associates, was behind several major casino projects, including the Bellagio.
M Casino: Anthony Marnell III wanted the M Resort to reflect a modern, high-end experience without the chaos of the Strip — a sort of “locals’ luxury resort.”
b. Financial Trouble & Opportunity
Although the resort was beautifully designed and well-received, it opened during the 2008 financial crisis. This put enormous financial pressure on the project, and by 2010, the Marnell group owed hundreds of millions in debt.
Enter Penn National Gaming (now Penn Entertainment) — a national casino operator that saw an opportunity to expand into the Las Vegas market.
4. The Current Ownership Structure
Today, the M Resort is not owned or operated by the original Marnell family. Instead, two corporate entities are involved in its current structure.
Ownership vs. Operation Breakdown
| Role | Company Name | Description |
|---|---|---|
| Property Owner | Gaming and Leisure Properties, Inc. (GLPI) | Owns the land and buildings |
| Casino Operator | Penn Entertainment (formerly Penn National Gaming) | Operates the casino, hotel, and amenities |
Let’s break each down.
5. Who Owns the Property?
Gaming and Leisure Properties, Inc. (GLPI)
GLPI is a real estate investment trust (REIT) that was created to separate the physical assets of casino properties from the business of running casinos.
In 2013, Penn National Gaming spun off many of its real estate holdings into GLPI, including the M Resort.
GLPI owns the land, buildings, and physical infrastructure of the M Resort, and leases the property to Penn Entertainment under a long-term agreement.
Why Use a REIT?
- REITs benefit from favorable tax treatment
- Real estate investors prefer stable, long-term income from rent
- Operators like Penn can free up capital by not tying up money in property ownership
6. Who Runs the Casino and Hotel?
Penn Entertainment
Formerly known as Penn National Gaming, Penn Entertainment is one of the largest casino operators in North America. They are responsible for:
- Hiring and managing staff
- Running the casino floor (slots, table games, sportsbook)
- Overseeing hotel operations, restaurants, and event spaces
- Marketing and promotions
They lease the property from GLPI and hold the necessary Nevada gaming licenses to operate legally in the state.
7. Financial Arrangement Between GLPI and Penn
The relationship between the two companies is formalized through a master lease agreement, which includes:
- Monthly or annual rent payments
- Responsibility for maintenance and taxes (usually borne by the operator)
- Terms that define expansion, remodeling, and renewal options
This model is common and reduces the financial risk for both sides:
- GLPI gets steady income
- Penn avoids owning aging real estate and focuses on running the business
8. Current Expansion Plans
Penn Entertainment announced in recent years that it is investing in an expansion of the M Resort, which includes:
- Adding a second hotel tower
- Increasing the total number of rooms
- Enhancing meeting and convention space
Although Penn will run the expanded areas, it’s likely that GLPI will fund and own the new real estate, then adjust the lease accordingly.
9. Common Misconceptions
| Misconception | Reality |
|---|---|
| “The M Resort is still owned by Marnell.” | False. The Marnell family sold their stake years ago. |
| “Penn owns everything.” | No. Penn operates the resort but doesn’t own the land or buildings. |
| “GLPI is a casino company.” | Not exactly. GLPI is a real estate company that specializes in casino properties. |
