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Hornbuckle announces that MGM Resorts International is actively involved in a project in Dubai, in collaboration with Wasl Asset Management Group, which may include a casino. Bill Hornbuckle, CEO of MGM Resorts International, expressed optimism about the United Arab Emirates (UAE) becoming a central casino destination during a speech at the Global Gaming Expo (G2E) in Las Vegas.
During his G2E speech, Hornbuckle stated that MGM Resorts is actively working on a project in Dubai in collaboration with several companies, and Wasl Asset Management Group might build a casino there. He mentioned that the development project, including MGM Resorts, Bellagio, and Aria, is designing a flexible space of 150,000 square feet, awaiting approval from UAE leaders to introduce gaming.
This revelation follows a recent statement by former MGM Resorts CEO Jim Murren regarding the formation of a commercial gambling regulatory authority in the UAE. While gambling has traditionally been prohibited in the UAE under Islamic law, recent indications suggest a changing pattern.
Recently, analysts from JPMorgan also suggested that the UAE could approve a gambling framework in 2023. The newly established regulatory authority is believed to be expediting its efforts. Hornbuckle expressed cautious optimism, stating the hope of having a casino-themed functional product in Dubai but emphasizing the need for a gradual approach.
The development of the gambling industry in the United Arab Emirates has piqued the interest of major players. Researchers estimate that the gaming market in the UAE could be valued at up to $6.6 billion annually, comparable to mature markets like Singapore and Macau. U.S. companies such as MGM Resorts and Wynn Resorts are preparing to enter a market that could potentially surpass Singapore. Singapore is home to two casinos, including the renowned Marina Bay Sands.
During this time, Dubai appears to be at the forefront of these developments, with other emirates also showing interest in the gambling industry. According to a recent survey by Skift, 59% of respondents believe that the UAE capital, Abu Dhabi, will eventually have at least one gambling venue. Additionally, 58% have the same opinion about Dubai, and 48% expect other emirates to have integrated resorts.
The potential influx of casinos is reshaping the tourism landscape in the UAE. The challenge faced by other emirates is matching Dubai's infrastructure, including the bustling Dubai International Airport, serving over 66 million passengers in 2022. Hornbuckle remains optimistic about the future, emphasizing MGM Resorts' long-term relationship with Dubai, and the company is prepared to adapt to various scenarios, including equity investments or directly leasing gaming venues. |
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Post time 21-11-2023 05:57:13