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by Michael J. Shapiro | October 13, 2010

Penn National Gaming has acquired M Resort in Las Vegas in a $230.5 million deal. The gaming company, which until now had owned and operated casinos only in smaller markets, purchased all of the casino's outstanding debt. The 390-room M Resort, 10 miles off the Strip, opened in March 2009. The property offers 60,000 square feet of meeting space in addition to a 100,000-square-foot events "piazza," 92,000 square feet of gaming space, nine restaurants and five bars. The 90-acre property was supposed to have a movie multiplex and retail shops, but those projects have yet to be realized.