The Henderson City council unanimously approved on Tuesday a resolution that formalizes its intent to sell around 9 acres of land Marnell Gaming Management LLC.
According to the city council, Marnell Gaming has expressed an interest to purchase the property to develop, construct, and operate a resort hotel with non-restricted gaming and other related amenities. Marnell’s plan to build involves an investment of $250M including the land price. The project is expected to create a minimum of 100 full time jobs.
The city brought the land for $4.1M in 2019 and although the market value is currently estimated to be $6.5M, the city council put a tag of at least $4.3M for the property located just north of St. Rose Parkway and east of Las Vegas Boulevard.
A Hot Development Area
Although the full details of the proposed project have not been revealed by Marnell Gaming, it is believed that the $250M price tag is just the baseline figure to get things going. Expansion over time is expected with a local market that continues to grow.
The West Henderson area has been a hot development area with Inspirada and other similar housing projects. The NFL’s Las Vegas Raiders have their practice facility and headquarters there. Then there is also a commercial development along St. Rose Parkway and around Henderson Executive Airport.
Original Owner of M Resort
Marnell Gaming was the original developer of the M Resort on 90 acres in 2009 but was forced to sell the property to Penn Gaming two years later during the Great Recession. It was a nearly $1B project which is almost three times bigger than the initial development amount for the new project.
This time around, Marnell Gaming is planning to build another casino in Las Vegas, just right across the street from the M Resort. And Tony Marnell is doing it again at a time when Las Vegas is in dire straits, this time due to the coronavirus pandemic. That just proves the belief that Sin City will be back and there’s going to be opportunities down the road.