MGM expresses optimism on possible Dubai project

September 13, 2023 Dubai Emerging Markets

Bill Hornbuckle, CEO and President of MGM Resorts International, is hopeful that a casino could be part of a resort project being built in Dubai, United Arab Emirates (UAE). Hornbuckle talked about the current development at Porto Island, Jumeirah, a land reclamation site near the famous Burj Al Arab building, at the 2023 Bank of America Gaming and Lodging Conference.

The resort was first planned as a hotel-only project with about 1,500 hotel rooms. It has been under construction since 2015, before there were any talks about gambling in the UAE. MGM Resorts recently added a platform that is 150,000 square feet and could be used for either a casino or a shopping area.

Hornbuckle thinks that Dubai is a big market possibility. He said that the project site is managed by a local group called Wasl, which is part of the master of the Emirate’s portfolio. Hornbuckle said that MGM Resorts is ready to put money into the project or rent the casino to run the betting business.

Dubai has 145,000 hotel rooms, which makes it about the same size as Las Vegas. MGM Resorts hopes that games can be added to the project in the future, but the final choice will be made by Dubai’s government.

Hornbuckle also talked about the UAE’s new General Commercial Gaming Regulatory Authority (GCGRA), which is led by Jim Murren, who used to be the CEO and head of MGM Resorts. He admitted that there was a game order that had been passed but not made public.

In reference to a rival project by Wynn Resorts in Ras Al Khaimah, Hornbuckle said he was sure Wynn Resorts knew what was going on. Wynn Resorts has announced Wynn Al Marjan Island, a $3.9 billion gambling resort complex that is expected to get a gaming license soon and could open as early as the beginning of 2027.

Hornbuckle made it clear that each state in the UAE has the power to make its own rules about gambling, and Abu Dhabi has also shown interest. But he stressed that Dubai is still the best place for MGM Resorts’ gambling venture because of its tourists, infrastructure, large number of hotel rooms, and huge airport. The company is also making plans for a $10 billion resort with a casino to open in Osaka, Japan, in 2030.

Original story by: GGRAsia