Anthony Marnell III, the developer of the M Resort in west Henderson, has proposed building a casino right across the street from it.
The Henderson City Council on Tuesday will consider selling nine acres to Marnell Gaming Management north of St. Rose Parkway and east of Las Vegas Boulevard. Henderson acquired the land in April 2019 from the federal Bureau of Land Management for future development, and it has been appraised at an average of $6.5 million.
The city council agenda said Marnell Gaming has “expressed an interest in purchasing the property to develop, construct and operate a resort hotel with non-restricted gaming and other related amenities” and would be operated and maintained by Marnell. The company’s plan calls for an investment in the property, including the land price, to be about $250 million. The project would create a minimum of 100 full-time jobs, the report said.
The M Resort opened in 2009 on 90 acres and was later acquired two years later by Penn National Gaming following the Great Recession. It was a nearly $1 billion project, which is three times what was listed as the initial development of the new Marnell project.
“The proposed development on the south end of town says it’s a growth area of the city and opportunity for more growth in the region,” said Brendan D. Bussmann, director of government affairs with Global Market Advisors. “Two, it shows the long-term belief that Vegas is going to come back, and there’s going to be opportunity down the road. It may come out at a perfect time because it takes a couple of years to build any development, and that’s when we may re-emerge from the great shutdown (from the coronavirus).”
While details aren’t available, Bussmann said that a $250 million proposal may be a baseline to start that allows for expansion over time. The proposed lot, however, is tight for a resort development with a strip mall to the east.
“If you go back 10 years ago there was a lot planned for all four corners of that intersection, including a large-scale retail and other resorts along the way,” Bussmann said.
West Henderson has been a hot development area with housing projects like Inspirada, the Las Vegas Raiders headquarters and practice facility and commercial development along St. Rose Parkway and around Henderson Executive Airport.
“There is a market on the local side to grow,” Bussmann said.