WYOMISSING, Pa. & HENDERSON, Nev.–PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) announced today that it will host a groundbreaking ceremony for the second hotel tower at M Resort this afternoon at 2 pm PST.
“We can’t wait to begin construction on a second hotel tower at M Resort,” said Jay Snowden, CEO and President of PENN Entertainment. “This new addition will benefit from the strong demand of the Henderson locals market while providing much needed additional room capacity for group business that is drawn to our market-leading resort and amenities, including our highly successful partnership with the Las Vegas Raiders.”
The project, with an estimated budget of $206 million, is expected to add 384 rooms to the Company’s property south of the Las Vegas Strip, bringing its total to 774 rooms and suites. Along with the rooms, there will be expanded meetings space, updated amenities and additional local partnerships that will be announced at a later date.
“We are thrilled to be celebrating this day with our team members and key stakeholders,” said Hussain Mahrous, Vice President & General Manager of M Resort. “We look forward to hiring new team members and expanding the wonderful offerings that make M Resort a premier destination for visitors and convention attendees from across the country.”
The new hotel is part of a previously announced plan for four new growth projects that includes new land-based casinos in Aurora and Joliet, Illinois, and a new hotel in Columbus, Ohio. The City of Aurora will be providing $50 million in funding for the project there, and Gaming and Leisure Properties, Inc. has committed up to $575 million towards the overall $850 million budget for all four growth projects.
