"M" Stands for "Movement" with Las Vegas High Rise Condo Hotels

Boyd gaming may have pulled the plug on their Echelon project until the economy improves, but not all high rise projects in Las Vegas are taking that same approach. Case in point: Anthony Marnell III's $700 million "M" project is fully funded and heading on schedule towards an early 2009 opening.

The 11-story M Resort, located on the South Strip at St. Rose parkway and Las Vegas boulevard, will consist of 390 rooms and suites; 90,000 square feet of gaming; 40,000 square feet of meeting and convention facilities; a wine cellar and tasting room; a top floor lounge; 9 restuarants; and a 20,000 square foot spa along with a 2.3 acre pool and event area.

The key word in the above paragraph is "will". This project is happening despite the econmonic conditions we all read about every day.

Add to all that plans for 6,000 hotel, condo, and condotel units and more than 1 million square feet of retail and you finally have some positive news on the Las Vegas high rise marketplace for a change. At last week's "topping out" ceremony for the project, Marnell explained his project's success as follows:

“Some projects now in turmoil were started with corporate revolvers; it was assumed that financing would be available at a later date and then the market fell apart and the revolvers ran out or were running out,[forcing the projects were canceled or put on hold]. We weren’t in that position; we’re not a big corporation, we didn’t have a revolver so we needed everything in place to get started.”