Penn National spent $230.5 million to acquire M Resort’s $860 million in debt in October. Penn National also announced that M Resort developer Anthony Marnell III, who built the hotel-casino at a cost of nearly $1 billion, would serve as president of the property. The regional casino and racetrack operator, which is based in Wyomissing, Pa., took control of the 390-room hotel-casino after purchasing the debt covering the 2-year-old M Resort at a nearly 75 percent discount last October.
Penn National Gaming officially acquired M Resort on Wednesday after Nevada gaming regulators approved the deal last month.
