At the ribbon-cutting for M Resort’s newly opened expansion in December, Penn Entertainment CEO Jay Snowden said he’s done with turning away group business because the Henderson resort lacked the necessary space.
Penn, which has 43 casinos and racetracks in 20 states, spent $206 million to double M’s hotel to 765 rooms and add other non-gaming amenities. M Resort is now the second-largest property in the company’s portfolio.
On last week’s quarterly earnings conference call, Snowden said M Resort had recently booked two of the largest group reservations in the property’s history.
“We’re capturing previously unmet demand,” Snowden said. “In December, the property achieved record gaming volumes. And in January, we generated record net revenue.”
M Resort is included in Penn’s western division, and the hotel-casino was responsible for a 6.3 percent increase in revenue.
“When you look at occupancy and [average daily room rate], you don’t realize that we doubled the number of rooms,” Snowden said. “Occupancy has been almost as strong as it was prior year. We’re feeling really good about M Resort.”
