RECon Report: In Nevada First, Regional Mall to Anchor Casino Resort
- May 19, 2008
It may seem unlikely that any new twists could still be in store for Greater Las Vegas’ retail market. But this morning, the developers of the M Resort, Spa and Casino offered a glimpse of what its developers called a first-of-its-kind for Nevada: the state’s first regional shopping center incorporated into a casino resort. During a presentation at RECon, the International Council of Shopping Centers’ annual convention in Las Vegas, Taubman Centers Inc. unveiled conceptual plans for the 1 million-square-foot retail component of the $1 billion M Resort. Located about eight miles south of the Las Vegas Strip, the project is being developed by Anthony Marnell III in partnership with MGM MIRAGE. When complete early in the next decade, the 1 million square-foot retail center will fill a market niche in the booming Henderson area, predicted Robert Taubman, the retail REIT’s CEO. “We think that this project will anchor the south (Las Vegas area) from a hotel, casino and retail perspective in a very positive way,” Taubman told CPN this morning. The center could feature as many as four fashion department stores as anchors, with the casino serving as a fifth anchor. Discussions with potential retail anchors are under way. Plans also call for in-line stores, restaurants and theaters. Construction of the retail portion of the project will start in 2010 and opening is expected in late 2011 or early 2012, Taubman reported. That debut will follow the spring 2009 opening of the resort, which will include a 12-story, 390-key hotel, 92,000 square feet of gaming facilities and 60,000 square feet of conference space, plus restaurants and entertainment venues. M Resort is the first resort project developed by Anthony Marnell, but the Marnell family’s construction and design company, Marnell Carrao Associates, has an extensive history in Las Vegas. The firm has built some of the Las Vegas Strip’s biggest resorts, including the Wynn, the Bellago, Caesars Palace and the Mirage.