Delay in Approving MGM's Casino Resort Plan Brings Doubt to Dubai Project
MGM Resorts International might face a setback in its plans for casino resorts in the United Arab Emirates (UAE) as Dubai has reportedly decided to delay its approval of such establishments. MGM, in partnership with Wasl Hospitality and Leisure, opened a branded hotel in Dubai in 2021 with the MGM Hotel, MGM Residences, and Bellagio Hotel. The company had 150,000 square feet ready for a casino if approval had been given.
Bloomberg, citing unidentified sources, stated that Dubai would postpone approving casino gaming, but might consider hosting a poker series instead. The other frontrunners are Abu Dhabi and Ras Al Khaimah. Last month, at the Global Gaming Expo in Las Vegas, MGM CEO Bill Hornbuckle mentioned that the UAE could potentially have four integrated resorts.
Abu Dhabi is exploring options to open a casino, with Yas Island, which houses the Ferrari World and Warner Bros. theme parks and the Yas Marina Formula One Circuit, and a plot near the city's port under consideration. Meanwhile, Ras Al Khaimah, the capital city of the emirate, offers attractions like an aquarium, Burj Khalifa, the world's tallest building, and Flamingo Beach.
Although Dubai is no longer in the race for the first casino resort in UAE, analysts and industry experts remain positive about the future of casino gaming in the region. They anticipate that the UAE could potentially generate more revenue than Singapore in the long term, but surpassing the profitability levels attained by Marina Bay Sands and Resorts World Sentosa might be a challenging feat.
Abbreviated Paraphrase:
MGM Resorts International could experience a temporary setback in its UAE casino ambitions due to reported delays in the approval of Dubai casino resorts. MGM, together with Wasl Hospitality and Leisure, had opened a branded hotel in Dubai in 2021. Its CEO, Bill Hornbuckle, expressed optimism earlier this year about the possible regulatory framework and eventual approval of casinos. Reportedly, Dubai has chosen to postpone casino approval but may allow a poker series. The leading contenders for the first casino resort now appear to be Abu Dhabi and Ras Al Khaimah.
While Dubai's gaming plans have been sidelined, Abu Dhabi and Ras Al Khaimah have emerged as strong candidates. Abu Dhabi is mulling over casino options, with Yas Island and a city port plot being considered locations. Ras Al Khaimah, home to numerous tourist attractions, is the capital city of the emirate and houses an aquarium, Burj Khalifa, and Flamingo Beach.
Despite Dubai's postponement, the overall outlook for casino gaming in the UAE remains bullish, with analysts predicting the gaming revenue could reach $6.6 billion and the gaming outlay per tourist potentially falling below the levels in Singapore and Macau.
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Source: www.casino.org
