MGM CEO increasingly convinced that UAE will become a casino hub
UAE could well end up being a hub for casino resorts in the future, although things have to be taken “one step at a time”.
Those are the thoughts of MGM Resorts International CEO Bill Hornbuckle, who has admitted his company is actively working on a project to bring casino gambling to the Middle East.
For a long time, the UAE has strictly forbidden gambling as it contravenes Sharia law. However, in more recent times, there has been a paradigm shift which may suggest the pendulum is starting to swing.
While the clock is ticking down on gambling to be formally approved before the end of 2023, a new regulatory gaming body, the GCGRA (General Commercial Gaming Regulatory Authority), is in the throes of being formed, and this is expected to be chaired by former MGM CEO Jim Murren.
Efforts are being accelerated to make casino resorts a reality in the UAE. As far as MGM is concerned, the project which is in partnership with Wasl Asset Management Group, could potentially home a casino with 150,000 square feet of gaming space once it has been signed off by UAE leaders.
Speaking at the recent G2E (Global Gaming Expo) in Las Vegas, Hornbuckle gave an update about MGM’s plans to transform the gaming landscape in the UAE.
He said: “We were there early. 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 a pedestal that could house a casino. We think there will be three or four [casinos] in the Emirates.”
The artist’s impression of the MGM casino certainly looks rather impressive. Research has shown that the UAE gaming market could be worth as much as $6.6billion annually which would put it on a level footing with more mature markets such as Singapore and Macau.
More intriguingly, a recent survey carried out by renowned real estate company Knight Frank illustrated that nearly 60% of respondents believe Abu Dhabi, the UAE’s capital, will have at least one gaming venue.
MGM is also believed to be bracing itself and prepared to react to various scenarios, such as equity investments or outright leasing of gaming venues.
Only time will tell as to whether the UAE brings about casino gambling, but should a gaming decree be granted, then MGM could be well placed to make a sizeable splash.
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