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Penn National Gaming buys Vegas' M Resort
Saturday, October 9, 2010 at 9:59:55 AM
Penn National Gaming Inc. said Friday that it had taken ownership of the M Resort, a hotel casino just off the Las Vegas Strip, for $230.5 million.
The company, based in Wyomissing, Berks County, Pennsylvania said it had bought all the casino's debt, as well as $160 million of subordinated debt formerly held by MGM Resorts International, from Royal Bank of Scotland P.L.C.
The acquisition finally gives Penn National the major-market beachhead it had long coveted. Up to now, it had no presence in Las Vegas or Atlantic City, the nation's two biggest casino towns.
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