M Bought by Penn National
October 8th, 2010 at 10:15:24 AM
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http://www.lasvegassun.com/news/2010/oct/08/penn-national-buys-debt-of-m-resort-in-las-vegas/
Looks like they found their way to Nevada Finally...
Looks like they found their way to Nevada Finally...
October 8th, 2010 at 3:02:25 PM
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Looks like an intelligent move. With their huge database of gamblers they should easily fill the 390 room hotel. The debt that they purchased was less than the acquisition price of just the land under the M resort.
It is nice to have cash!
Baccarat, Craps, and Roulette and slots are way up on the strip. Table games continue to collapse downtown. It is starting to look like the gaming revenue will consiistently inch upward.
It is nice to have cash!
Baccarat, Craps, and Roulette and slots are way up on the strip. Table games continue to collapse downtown. It is starting to look like the gaming revenue will consiistently inch upward.
October 8th, 2010 at 3:02:52 PM
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This is actually seems like a nice fit. The property is positioned to do well... assuming the LV gaming numbers can continue to build on August's numbers.
Simplicity is the ultimate sophistication - Leonardo da Vinci
October 8th, 2010 at 3:19:21 PM
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Very positive numbers through most of the county. I think the fringe of the county is permanently damaged
Clark County 13.85%
LV Strip 21.09%
North Las Vegas 13.62%
Boulder Strip 3.33%
Balance of County 0.89%
Laughlin-4.72%
Mesquite -2.76%
Downtown -1.41%
Clark County 13.85%
LV Strip 21.09%
North Las Vegas 13.62%
Boulder Strip 3.33%
Balance of County 0.89%
Laughlin-4.72%
Mesquite -2.76%
Downtown -1.41%
October 8th, 2010 at 4:07:57 PM
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I am so upset.
A nice brand new well run place falls to such a company as Penn National.
And so cheap!
A nice brand new well run place falls to such a company as Penn National.
And so cheap!
October 8th, 2010 at 4:13:39 PM
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Quote: pacomartinVery positive numbers through most of the county. I think the fringe of the county is permanently damaged
Clark County 13.85%
LV Strip 21.09%
North Las Vegas 13.62%
Boulder Strip 3.33%
Balance of County 0.89%
Laughlin-4.72%
Mesquite -2.76%
Downtown -1.41%
I wouldn't declare the fringe areas dead yet. The fleas will always need a home, and you should see the low roller joints bounce back quickly since their overhead is lower. Volume is the key.
Simplicity is the ultimate sophistication - Leonardo da Vinci
October 8th, 2010 at 11:28:43 PM
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I am also sad about the change in ownership. M quickly became my favourite resort in Las Vegas and on my last visit I spent most of my time there - no need to go anywhere else. Will be going there again at the end of this month probably before any noticable changes are made. Plan on visiting again next yr after the new ownership has a chance to make their mark and will decide then if I like the Penn National.
October 9th, 2010 at 5:15:30 AM
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I play vp at the many nice machines at the M and I don't care who owns it or runs it. What difference does it make? The place will still have those widescreen glare-free machines everywhere, the pay tables will remain average, the cocktail waitresses will still have way-above-average T&A, the restaurants will continue to be nice, and Asians will continue to be all over the joint. What I'm hoping for is they finally might construct that big movie theater they've been promising ever since they opened.
October 9th, 2010 at 6:47:59 AM
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I don't care who runs it either. I just hope they keep the self serve soft drink machines.
I like experimenting and mixing my own concoctions. Also, I've never lost any money at these machines. Ha Ha.
I like experimenting and mixing my own concoctions. Also, I've never lost any money at these machines. Ha Ha.
October 9th, 2010 at 7:17:52 AM
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A friend of mine actually lost money at a soda vending machine at Caesars Indiana which is now Horseshoe.He had been playing $5 WOF and a lady sat at the machine to the left of him,put in a $100 and on the 3rd spin hit 2K.Then a lady on the right stuck in a $100 and hit $2500.He had sunk about $1K so he decided to leave.He went to the soda machine,put in his money and the bottle didn't drop.I told him he forgot to pull the handle LOL Not exactly his night.
October 11th, 2010 at 12:18:33 AM
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Quote: FleaStiffI am so upset.
A nice brand new well run place falls to such a company as Penn National.
And so cheap!
While I'm not an expert on these issues, I have to say Penn seems to really treat properties independently, with very little crossover from casino to casino. For example, Argosy in Kansas City takes a very different approach to marketing than Hollywood in Lawrenceburg, and although the markets are different, to me, it seems like Penn will likely allow M to do what they're doing, and make adjustments slowly.
"One out of every four people are [morons]"- Kyle, South Park
October 11th, 2010 at 4:38:46 AM
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Quote: benbakdoffI don't care who runs it either. I just hope they keep the self serve soft drink machines.
I like experimenting and mixing my own concoctions. Also, I've never lost any money at these machines. Ha Ha.
i heard the self serve soda fountains are gone. i liked them too because i can drink as much as i like and don't have to tip for just a small glass that i also have to wait for. i also agree with JerryLogan about the cocktail waitresses. they were training a new one while i was there last trip and she was gorgeous, and because she was new she was trying her best to be extra nice.
i also hope they don't make the vp worse, and don't mess with the buffet.
.
October 14th, 2010 at 8:14:07 AM
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I hope you are right. Giving managers the power to deal with local markets is usually the right thing to do.
My understanding is that M defaulted on its loan and the Scottish banks that had bought the loan had no particular interest in allowing M to work out any deals, so the loan was sold to the highest bidder, Penn National. I think the money goes from Penn to the Bank, not to the Mareli family and Penn National will take over the collateral but may keep some senior executives aboard.
My understanding is that M defaulted on its loan and the Scottish banks that had bought the loan had no particular interest in allowing M to work out any deals, so the loan was sold to the highest bidder, Penn National. I think the money goes from Penn to the Bank, not to the Mareli family and Penn National will take over the collateral but may keep some senior executives aboard.
