MGM's Hornbuckle expresses optimism about UAE becoming casino hub
Date: 2023-10-16 Author: Kirill Zagoruyko Categories: CASINO
Speaking at the Global Gaming Expo (G2E) in Las Vegas, MGM Resorts International CEO Bill Hornbuckle expressed optimism that the United Arab Emirates (UAE) will become a hub for casino resorts.
MGM Casino Project in Dubai awaits UAE approval
Hornbuckle said during his G2E appearance that MGM Resorts is actively working on a project in Dubai in partnership with Wasl Asset Management Group that could potentially house a casino. He mentioned that the complex, which includes MGM, Bellagio and Aria, is being designed with 150,000 square feet of flexible space and is awaiting approval from the UAE leadership to introduce gaming.
The revelation comes amid the UAE's recent announcement of the creation of its first gaming regulatory agency, the General Commercial Gaming Regulatory Authority (GCGRA), chaired by former MGM CEO Jim Murren. Although the UAE has traditionally prohibited gambling under Sharia law, recent evidence suggests a paradigm shift.
JPMorgan analysts also recently suggested that the UAE could approve a gambling system in 2023. The newly created regulator is believed to be accelerating its efforts.
Hornbuckle was cautiously optimistic, saying they would like to have a working casino product in Dubai, but stressed the need to proceed gradually.
MGM and Wynn are preparing to enter a billion-dollar market
The potential market value of the UAE gaming industry has attracted the interest of major players. Research analysts have estimated that casino revenue in the UAE could be worth up to $6.6 billion a year, rivaling established markets such as Singapore and Macau. MGM Resorts, along with competitors such as Wynn Resorts, is preparing to enter a market that could surpass even Singapore, where two major casinos are located, including the famous Marina Bay Sands.
While Dubai appears to be at the forefront of these developments, other emirates are also eyeing the gaming industry. A recent survey conducted by Knight Frank found that 59% of respondents believe that Abu Dhabi, the capital of the UAE, will eventually have at least one gaming establishment, Skift reports. In addition, 58% share the same opinion about Dubai, while 48% expect integrated resorts to be created in other emirates.
The potential influx of casinos is changing the UAE's tourism landscape. The challenge for other emirates is to match Dubai's infrastructure, including the bustling Dubai International Airport, which handled more than 66 million passengers in 2022. Hornbuckle remains optimistic about the future, highlighting MGM's long-standing relationship with Dubai and the company's willingness to adapt to different scenarios. , including equity investments or direct rental of playgrounds.
MGM Casino Project in Dubai awaits UAE approval
Hornbuckle said during his G2E appearance that MGM Resorts is actively working on a project in Dubai in partnership with Wasl Asset Management Group that could potentially house a casino. He mentioned that the complex, which includes MGM, Bellagio and Aria, is being designed with 150,000 square feet of flexible space and is awaiting approval from the UAE leadership to introduce gaming.
The revelation comes amid the UAE's recent announcement of the creation of its first gaming regulatory agency, the General Commercial Gaming Regulatory Authority (GCGRA), chaired by former MGM CEO Jim Murren. Although the UAE has traditionally prohibited gambling under Sharia law, recent evidence suggests a paradigm shift.
JPMorgan analysts also recently suggested that the UAE could approve a gambling system in 2023. The newly created regulator is believed to be accelerating its efforts.
Hornbuckle was cautiously optimistic, saying they would like to have a working casino product in Dubai, but stressed the need to proceed gradually.
MGM and Wynn are preparing to enter a billion-dollar market
The potential market value of the UAE gaming industry has attracted the interest of major players. Research analysts have estimated that casino revenue in the UAE could be worth up to $6.6 billion a year, rivaling established markets such as Singapore and Macau. MGM Resorts, along with competitors such as Wynn Resorts, is preparing to enter a market that could surpass even Singapore, where two major casinos are located, including the famous Marina Bay Sands.
While Dubai appears to be at the forefront of these developments, other emirates are also eyeing the gaming industry. A recent survey conducted by Knight Frank found that 59% of respondents believe that Abu Dhabi, the capital of the UAE, will eventually have at least one gaming establishment, Skift reports. In addition, 58% share the same opinion about Dubai, while 48% expect integrated resorts to be created in other emirates.
The potential influx of casinos is changing the UAE's tourism landscape. The challenge for other emirates is to match Dubai's infrastructure, including the bustling Dubai International Airport, which handled more than 66 million passengers in 2022. Hornbuckle remains optimistic about the future, highlighting MGM's long-standing relationship with Dubai and the company's willingness to adapt to different scenarios. , including equity investments or direct rental of playgrounds.
