"Some projects now in turmoil were started with corporaterevolvers; it was assumed that financing would be available at alater date and then the market fell apart and the revolvers ran outor were running out,[forcing the projects were canceled or put onhold]," Marnell III says. "We weren't in that position; we're not abig corporation, we didn't have a revolver so we needed everythingin place to get started."

Located at Las Vegas Boulevard and St. Rose Parkway, severalmiles south of the Strip, the 11-story M Resort will have 390 roomsand suites; 90,000 sf of gaming space; 40,000 sf of meeting andconference facilities; a 20,000-sf spa; a 2.3-acre pool and eventsarea; a wine cellar and tasting room; a top-floor lounge and ninerestaurants. The structures, including a 2,000-slip parking garage,cover about 12 of 95 contiguous acres controlled by MarnellIII.

The construction lender for M Resort, Spa and Casino is the Bankof Scotland plc, an Edinburgh-based commercial and clearing bankwith a history dating back to the 17th century. The generalcontractor is Marnell's father's design-build firm, Marnell CorraoAssoc., which built the Bellagio and Wynn Las Vegas casinos.