The CEO of MGM Resorts International is optimistic about the opening of a casino in Dubai
According to Hornbuckle, MGM has earmarked nearly 14,000 square meters for the potential casino. This is part of a 25-acre resort that the American operator is developing in partnership with Wasl Asset Management Group, one of the largest real estate development and management companies in Dubai.
At the Las Vegas event, Hornbuckle stated, "We got there early. We currently have a project. On this island, we have MGM, Bellagio, and Aria. We are now building the foundation for a casino. We believe there will be three or four [establishments] in the Emirates."
MGM Resorts International's optimism about opening a casino in Dubai is fueled by the UAE's significant steps toward legalizing gambling. In September, the establishment of the General Commercial Gaming Regulatory Authority (GCGRA) was announced. It is expected that Jim Murren, the former CEO of MGM, will chair the regulator, which could benefit the company if casino gambling is approved in the emirate.
However, MGM is not the only major player looking to expand its operations in the UAE. Back in 2021, Wynn Resorts announced plans for the Al Marjan Island in Ras Al Khaimah, which may also feature a casino. Construction on the site has already begun, with the resort expected to open in 2027.
Hornbuckle expressed optimism for the future, highlighting MGM's long-standing relationship with Dubai and the company's readiness to adapt to various scenarios, including investments in equity or direct leasing of gaming spaces.
Despite the UAE being a wealthy nation, the decision to legalize gambling and build casino resorts is likely to generate additional revenue. According to a 2023 report by Bloomberg Intelligence, the United Arab Emirates could see up to $6.6 billion (approximately 642.3 billion rubles) in annual gaming revenue.
For context, from January to September 2023, the total gaming tax revenue in Macau reached 45.77 billion.
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