Gaming giant Penn Entertainment is making significant strides in the Las Vegas Valley with an exciting new chapter for their M Resort property in Henderson, Nevada. On December 1st, the opening of a brand-new 384-room tower will nearly double the resort’s capacity to 765 rooms as part of an ambitious $206 million expansion project. This transformation isn’t just about rooms; it introduces a culinary highlight—celebrity chef Emeril Lagasse’s dining concept, Meril, to elevate the resort’s gastronomic offerings.
Why Penn Entertainment is Making Waves in Gaming
Penn Entertainment, originally a racetrack operation in Pennsylvania during the 1970s, has evolved into a formidable player in the gaming industry. Operating 43 properties across 20 states under well-known brands like Hollywood Casino and L’Auberge, they’ve seen impressive financial health. With $6.58 billion in revenue for 2024, their Q2 results reflected robust growth, pulling in $1.77 billion—a year-over-year increase of 6.1%.
Their market capitalization currently hovers around $2.76 billion, although the stock has experienced a decline of about 5.84% in the past year. Despite this, the company is driving forward, focusing on strategic growth across their retail casino operations and expanding into digital markets.
What sets Penn apart is their omnichannel approach. Beyond traditional gaming venues, they’ve ventured into the digital space with offerings like ESPN BET for sports betting and theScore for media content. While retail operations remain their revenue backbone, the digital sector is generating exciting growth opportunities.
M Resort: Henderson’s Hidden Gem Gets Even Better
Nestled in the scenic backdrop of Henderson, M Resort is known for its unique charm. This AAA Four-Diamond property sits about 10 miles south of the bustling Las Vegas Strip, providing breathtaking views of both the city skyline and the nearby mountains. Initially established as a 390-room boutique resort in 2009, it has evolved into a favorite destination, especially for Las Vegas Raiders fans, as it serves as the team’s official headquarters hotel.
The resort boasts an impressive 92,000 square feet of gaming space, featuring around 1,000 slot machines and 40 gaming tables. Guests can indulge in a diverse dining experience with options like the popular Raiders Tavern & Grill, besides enjoying amenities such as Spa Mio, two sparkling pools, including an adults-only pool, and comprehensive meeting facilities. This strategic location allows it to cater to both tourists and the rapidly growing Henderson community.
Since acquiring M Resort in 2011, Penn has integrated it into their Western strategy, capitalizing on Henderson’s ongoing growth. The city has emerged as one of Nevada’s fastest-expanding areas, with new master-planned communities like Cadence enhancing this demographic shift, aligning perfectly with Penn’s expansion ambitions.
The December Expansion: What’s Coming
The centerpiece of this expansion is undoubtedly the new 384-room tower, set to almost double M Resort’s accommodations. Additionally, the facility will see the addition of 15,000 square feet of meeting space with the opening of the new Montese Ballroom on October 1st. This proactive approach is aimed at capturing the lucrative convention and group business market.
CEO Jay Snowden expressed enthusiasm for the project, reflecting on their success with the recent opening of the Hollywood Casino Joliet in Illinois. This expansion is not only about increasing capacity; it’s a strategic response to strong demand from group business and the burgeoning local market in Henderson, as Executive VP Todd George notes, thanks to their partnership with the Las Vegas Raiders.
To fuel this ambitious plan, Penn aims to secure $150 million in financing during the fourth quarter from Gaming and Leisure Properties, Inc., operating at a 7.79% capitalization rate—a financing strategy they commonly utilize.
Emeril Lagasse Brings Meril to the Desert
With the expansion, M Resort’s dining options will see a fabulous enhancement with Meril, the second outpost of Chef Emeril Lagasse’s acclaimed New Orleans restaurant. Meril, named after Lagasse’s daughter, first captured hearts in New Orleans’ Warehouse District by offering contemporary American cuisine with influences from around the globe.
Lagasse is no stranger to Las Vegas; he operates Emeril’s New Orleans Fish House at MGM Grand and Delmonico Steakhouse at The Venetian. Known for his culinary prowess, Lagasse’s restaurant empire now includes nine locations across various states and even aboard Carnival cruise ships.
What distinguishes Meril is its inviting yet sophisticated atmosphere. The open kitchen concept in the original New Orleans location provides a delightfully interactive dining experience. The menu showcases dishes that reflect Lagasse’s culinary adventures, featuring items like Korean chicken wings and fried rock shrimp tacos, perfectly tailored for a casino resort.
Penn’s Bigger Picture: More Projects on the Horizon
The M Resort expansion is just one facet of Penn Entertainment’s ambitious $850 million growth strategy. They are rolling out several other major developments aimed at modernizing their properties and reaching key markets.
Following the recent opening of Hollywood Casino Joliet in August 2025, a $185 million investment transformed a former riverboat casino into a modern facility, complete with nearly 200,000 square feet of gaming space. This new venue houses restaurants by celebrity chefs, including Stephanie Izard and Giada De Laurentiis, solidifying Penn’s commitment to upgrading their properties.
Upcoming projects include a new hotel adjacent to Hollywood Casino Columbus in Ohio, anticipated to launch by late 2025, and a significant new land-based Hollywood Casino in Aurora, Illinois, targeted for early 2026. This array of projects illustrates Penn’s strategy of rejuvenating older properties while expanding in established regions.
The Competition is Fierce
Penn Entertainment operates within a highly competitive landscape, facing off against formidable players such as Caesars Entertainment and MGM Resorts International. In Las Vegas, their competition also includes local operators like Boyd Gaming and Station Casinos, all vying for market share.
Interestingly, while some Las Vegas Strip casinos have felt pressure in 2025, local casinos have seen remarkable growth, with Boyd Gaming reporting revenue spikes up to 50% in their local properties. This trend only bolsters establishments like M Resort, which aim to appeal to both tourists and local residents.
Specifically in Henderson, competition is intensifying. Boyd Gaming’s development of a new Cadence Crossing casino to cater to the area’s expanding population signals active investment. Moreover, industry figure Anthony Marnell III is planning a new hotel-casino across from M Resort, projected to be a reality in a few years.
Industry Trends Driving Expansion
The casino industry is witnessing a wave of expansion as operators strive to modernize and attract new clientele. Notable developments include Ocean Casino Resort in Atlantic City, which recently announced a $50 million investment for upgrades, and major renovations at various tribal casinos.
Several driving factors are fueling this trend. First, there’s a surge in consumer interest as economies recover from the pandemic. Additionally, rapid population growth in areas like Henderson is opening new markets for operators. Lastly, the integration of sports betting and enhanced dining experiences shape modern casino expectations.
The emphasis on non-gaming amenities is crucial, as food and beverage establishments emerge as significant profit centers. This explains Penn’s collaboration with celebrity chefs, aiming to create diverse and appealing dining experiences that attract both gamblers and non-gamblers alike.
How Penn’s Finances are Faring
Despite some challenges, Penn Entertainment has maintained steady financial performance, particularly in their retail sector. Generating strong cash flow with EBITDAR margins at approximately 33.8%, their retail properties are performing well, though the online gaming segment is facing hurdles, including competition from crypto-based gaming platforms.
The company has been actively managing its capital, implementing share repurchase programs to signal confidence in its long-term strategy, planning to purchase $350 million in shares during 2025. Already, $115.3 million has been committed toward this goal.
Penn’s exclusive partnership with ESPN for ESPN BET is expected to yield long-term benefits. The ten-year deal opens doors to ESPN’s vast sports audience, potentially revolutionizing their digital betting operations as more states adopt online betting.
What This Means for Henderson and Las Vegas
The expansion of M Resort symbolizes broader trends in the Las Vegas Valley, where growth is shifting from the iconic Strip to areas like Henderson and Summerlin. Henderson has become increasingly desirable, attracting new residents seeking suburban living among master-planned communities and corporate relocations.
For local residents, the M Resort’s expansion promises enhanced dining, entertainment, and meeting options. For the visiting crowd, it offers an alternative to the bustling Strip with potentially more value and a more relaxed experience. The facility’s connection with the Raiders makes it particularly attractive for sports fans.
Successful execution of this investment could spur other operators to channel resources into the Henderson market, potentially establishing a notable gaming corridor in the region. With anticipated competition from Boyd Gaming and other projects on the horizon, Henderson could emerge as a vibrant gaming destination in the coming years.
Penn Entertainment’s substantial investment in M Resort signals strong confidence in Henderson’s future. With the new tower, expanded meeting spaces, and Emeril Lagasse’s restaurant, they are positioning M Resort to effectively compete in both local and tourist markets. The success of this expansive initiative will hinge on execution and the evolution of the broader Las Vegas landscape, but initial indications suggest they are on the right track.