So, after today's sale of the M Resort debt (which will quickly be converted into equity) to Penn National Gaming, where does that leave M Resort CEO Anthony Marnell III? Of course, that was the number one question I had after reading last night's rumors and this morning's news.
Well, we finally have the answer. Sort of. Ok, not really... But Marnell did talk to the Sun about his future role. Basically, he hopes he'll have one.
Apparently, he's spoken with Carlino and seems to have the equivalent of a 'good vibe' about the whole situation. Sorry Tony, that doesn't seem like much to hang your hat on.
Realistically, how could Carlino keep him in place? My guess is that PENN's plan is to look for some significant cost cuts and while Marnell may be useful in a transitory role, he's not a PENN guy and thus it's hard to see how he would fit into that puzzle.
Sounds like it's gonna be a pretty crappy weekend for Marnell but no matter what, I am certain we'll hear from him again soon. Marnell, Inc. should just buy the Rio back and be done with it. Harrah's probably won't even notice it's gone missing.