PENN(US:PENN) Businesswire·2025-12-01 17:30Core Viewpoint - PENN Entertainment has officially opened the second hotel tower at M Resort Spa Casino in Las Vegas, marking a significant expansion of its capacity and enhancing its offerings for guests and group business [1][4]. Group 1: Project Details - The new hotel tower nearly doubles the capacity of M Resort, increasing the total to 765 rooms and suites [2]. - The development includes a 15,000 square foot Montese Ballroom, which will enhance the total indoor and outdoor conference and event space to over 100,000 square feet [2]. - The expansion is expected to create 120 new jobs at M Resort [2]. Group 2: Financial Aspects - On November 3, 2025, PENN received $150 million in funding from Gaming and Leisure Properties, Inc. at a 7.79% capitalization rate for the project [4]. - The new hotel tower is the second of PENN's growth projects to open, following the completion of the Hollywood Casino Joliet in August 2025 [5]. Group 3: Future Developments - Additional projects are on schedule and on budget, including the new land-based Hollywood Casino Aurora in Illinois and a hotel tower at Hollywood Casino Columbus, both expected to open in late Q2 2026 [5]. - The relocation of Hollywood Casino Council Bluffs is anticipated in Q4 2027 or early 2028 [5]. Group 4: Company Overview - PENN Entertainment operates in 28 jurisdictions across North America, with a diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings [8]. - The company focuses on organic cross-sell opportunities, supported by its market-leading retail casinos and technology [8]. - PENN's customer loyalty program, PENN Play™, has over 33 million members [9].