Marnell plans new hotel-casino in Henderson in direct competition with M Resort

Las Vegas developer Anthony Marnell III is planning a new hotel-casino in Henderson, Nevada, across from the M Resort he built more than 15 years ago but no longer owns.

The proposed resort would sit on 35 acres at the northeast corner of Las Vegas Boulevard and St. Rose Parkway, with up to 600 rooms, a casino, food hall, entertainment lounge, meeting space and pool deck, according to a site plan filed with the city.

Marnell said the project is still several years away. I am probably three to five years away from breaking ground, he told Las Vegas Review-Journal in a phone interview. He added the resort would be “absolutely in direct competition” with the M.

The development is planned in phases, beginning with 200 rooms in the first stage and another 400 in a later phase.

Penn Entertainment, which operates the M, is currently expanding the property with a $206 million second hotel tower slated to open Dec. 1.

Marnell developed the M at a cost of $750 million before opening it in March 2009 during the Great Recession. “We all knew we were in trouble before the hotel even opened,” he later recalled. Penn bought the debt on the project for $230.5 million in 2010 and took control the following year. Marnell left the property in 2015.

In 2021, the Henderson City Council approved selling Marnell nine acres of city-owned land, now part of the project site, for between $4.3 million and $6.8 million. As part of the deal, he committed to invest at least $250 million in the resort.

A portion of the land lies in unincorporated Clark County, but Marnell’s team has asked to annex it into Henderson. The concept plan is under review, with further approvals needed from the Planning Commission and City Council.

The Henderson corridor has seen rapid growth in recent years, including warehouses, apartments, housing and the Raiders’ football practice facility. Still, resort development faces challenges from high construction costs, elevated borrowing rates and a tourism slump in Las Vegas.

Despite the hurdles, Marnell said he believes the project’s location holds promise. “I think there’s enough room for a couple players,” he said.