Gaming License, Equity Transfer O.K.'d for M Resort

The developer is M Resort chief executive Anthony Marnell III. Bank of Scotland is the construction lender for the project. MGM Mirage helped kick-start construction with a $160-million subordinated note that was eligible for conversion into a 50% equity interest as of October. Marnell's father, Anthony Marnell II, handled the design and construction of M Resort through his firm Marnell Corrao Associates, which previously built Wynn Las Vegas and Bellagio.

Situated on a hill above the intersection of Las Vegas Boulevard South and St. Rose Parkway, several miles south of the Las Vegas Strip, the development is anchored by a 12-story tower and podium that houses approximately 351 hotel rooms and 39 suites; 90,000 square feet of gaming space; 60,000 square feet of meeting and conference facilities; a 20,000-square-foot spa; a 2.3-acre pool and events area with fire and water features; a wine cellar and tasting room; and the aforementioned food and beverage outlets, many of which will line the terraces overlooking the resort's pool and events area.

The built environment of M Resort, including the 2,000-slip parking garage, cover less than 15% of the approximately 95 contiguous acres controlled by Marnell III. When the project was approved in 2006, the resort that will open in March was expected to be much larger and it was expected to grow quickly. The first phase was slated to include 1,000 hotel rooms, 135,000 square feet of casino space, and 100,000 square feet of convention space, and a second phase was expected to add an additional 1,000 hotel rooms, a retail center and 2,000 condominium units in multiple mid-rise towers. The overall property has been entitled for 6,000 hotel, condo and condo-hotel units and approximately one million square feet of retail.

In December 2007, Marnell III struck a deal with Galaxy Theaters for a 14-screen, 63,000-square-foot theater that is slated open in late 2009 atop the development's parking garage. In May 2008, during the International Council of Shopping Centers annual convention, Marnell and publicly held Taubman Centers revealed plans to integrate into the resort a 1.3-million-square-foot, department store-anchored shopping mall that would open in 2011 or 2012.

Last week, M Resort revealed the many restaurantsthat will be operating at the resort. They include Studio B, which features a live-action cooking studio; Marinelli's, which will serve authentic Italian dishes; Terzetto, a steak and seafood place with an oyster bar; Veloce Cibo & Bar Veloce, the top-floor restaurant and lounge; Red Cup Café, an art-deco inspired 24-hour eatery serving Asian and America food; Hostile Grape, a wine cellar, bar and tasting room; Baby Cakes, a European-inspired patisserie; Vig Deli, an eatery next to the sports book; and Piazza Grille, a casual outdoor restaurant.