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July 31, 2014

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M Resort notes improved business in recent months

M Resort


Despite a weak local economy, the M Resort, pictured last week, opened in March to big fanfare and big crowds, some attracted by generous casino promotions. Since then, the property at St. Rose Parkway and Las Vegas Boulevard has tinkered with offers and games, scaling back on some of its higher-paying machines. Launch slideshow »

CARSON CITY – Top staff at the M Resort told gaming regulators today that business at the 9-month-old resort is looking up.

Matt Woodhead, the M’s chief legal officer, told the state Gaming Control Board there has been improvement in business in the last couple of months.

There are good advance bookings in the first and second quarter of next year, said Woodhead, who added, “We have seen an uptick” at the 400-room resort.

The control board approved an application for key employee licenses for John M. Lipkowitz as executive vice president and general manager; Joseph A. Magliarditi as executive vice president and chief operating officer and Gregory K. Wells as chief investment officer.

Lipkowitz and Magliarditi each will receive 20 units and Wells will get 30 units. Jason A. Goudie, chief financial officer who was licensed previously as a key employee, will receive five units. All are non-voting shares in M Resort LLC.

Andy Moore, the attorney representing the resort, said these shares are “incentives for key employees.” They will share in the allocations of any profits or dividends, he said. But Moore added he did not anticipate any dividends immediately.

The application comes up for final approval Dec. 17 before the state Gaming Commission.

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