Posted on: October 13, 2023, 02:36h.
Last updated on: October 13, 2023, 02:36h.
The United Arab Emirates (UAE) may soon become a major player in the casino industry, with the potential for up to four casino resorts in the country.
MGM Resorts International (NYSE: MGM) CEO Bill Hornbuckle made these comments at the Global Gaming Expo (G2E) in Las Vegas. MGM is currently developing a hotel in Dubai through a partnership with Wasl Asset Management Group. Hornbuckle referred to the project as a potential site for a casino.
“We have a project, now underway. This island has an MGM, a Bellagio, and an Aria on it. We’re now building a podium and pedestal that could house a casino. We think there will be three or four [casinos] in the Emirates,” said Hornbuckle at G2E.
Hornbuckle also mentioned that MGM has set aside 150,000 square feet of space at the Dubai property for a potential casino, pending approval from UAE authorities.
Opportunity for Casinos in the UAE
Wynn Resorts (NASDAQ: WYNN) previously announced plans for Wynn Al Marjan Island, a project in the UAE that may include a casino. Construction on the property began this year and it is expected to open in 2027.
Recent developments, such as the formation of the General Commercial Gaming Regulatory Authority (GCGRA) in the UAE, indicate a growing acceptance of casino gaming in the country. The GCGRA is chaired by former MGM CEO Jim Murren. MGM is prepared to move forward with casino gaming in the UAE if it is approved by local authorities.
“I’d love to be in Dubai with an operating product with a casino in it, but one step and one day at a time. We’re very progressive and excited by what could happen there,” said Hornbuckle at G2E.
Potential Casino Locations in the UAE
The UAE, known for its vast oil reserves and significant wealth, could host casino hotels in various locations. According to a survey by Knight Frank, 59% of respondents believe Abu Dhabi will eventually have at least one casino, while 58% feel the same about Dubai. Forty-eight percent see integrated resorts being located in the other five emirates.
Wynn Al Marjan Island is situated on a manmade island in the emirate of Ras Al Khaimah.