Penn Entertainment is getting some early payoff from its newest bet in Henderson, with the December debut of a second hotel tower at the M Resort helping to juice first‑quarter results in the company’s West division.
The operator reported roughly $1.78 billion in revenue for the quarter ended March 31, 2026, while posting a small GAAP loss. Executives pointed to the new tower as a key driver of stronger visitation, beefed‑up group bookings and record gaming performance at the M Resort, giving the 17‑year‑old property some fresh heat heading into the busy season.
The new 375‑room tower officially opened on Dec. 1, 2025, nearly doubling M Resort’s capacity to 765 rooms, according to a press release from PENN Entertainment. The expansion also added new meeting and ballroom space and roughly 120 jobs at the property.
Penn’s first‑quarter numbers showed total revenue of about $1.779 billion and consolidated adjusted EBITDA of roughly $265.8 million, even as the company recorded a net loss of approximately $2.8 million, or $0.02 per diluted share, for the period, as reported in PENN's earnings release. The retail segment produced roughly $1.42 billion in revenue, and the West division, which includes M Resort, grew revenue by about 12.4% year over year, according to the company’s investor materials.
Local boost at M Resort
The Las Vegas Review‑Journal reported that M Resort posted record slot and table‑game revenue in March and that the new tower helped the property host several of its largest group events in its 17‑year history. Local reporters said that translated into stronger room nights and convention business, with those bookings and higher per‑visit spend singled out as the main drivers behind the property’s March and quarterly performance.
What management said
On the April earnings call, CEO Jay Snowden told analysts that higher gasoline prices have not yet meaningfully affected visitation and that he sees consumers benefiting from larger tax refunds, which he estimated at roughly 11–12% year over year, supporting spending at regional properties. Snowden framed the M Resort results as an example of how targeted capital projects can translate into near‑term retail upside, according to the earnings call transcript.
What's next for Penn
Penn said the M Resort tower was the second of five major capital projects and that other openings remain on schedule, including a hotel tower at Hollywood Casino Columbus expected to open in June and a new Hollywood Casino Aurora slated for later in the quarter, with a Council Bluffs relocation penciled in for 2028. Management says those projects are on budget and intended to expand room capacity and group sales across the portfolio, per PENN's release.
For Henderson, the extra rooms and added meeting space mean more convention nights and a busier casino floor during peak months. For Penn, the new tower’s ramp is shaping up as a tidy near‑term payoff to a costly development cycle and a proof point as the company rolls out other hotel projects. Analysts and local hospitality managers will be watching closely to see whether March’s momentum holds through the summer convention season and the Columbus and Aurora openings.
