UAE: MGM Resorts sees ‘opportunity for gaming expansion in Dubai'
The multinational hospitality, entertainment and casino firm has a non-gaming management contract with a Dubai firm but sees a 'potential opportunity for gaming expansion in Dubai' following the establishment of the General Commercial Gaming Regulatory Authority (GCGRA) in the UAE.
In October 2024, Wynn Resorts was awarded a Commercial Gaming Facility Operator licence by the General Commercial Gaming Regulatory Authority (GCGRA) of UAE to develop the Wynn Al Marjan Island resort in Ras Al Khaimah. Wynn Al Marjan is the first entity to have the licence to operate an integrated gaming resort in the Middle East.
'In the UAE, we currently have a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai. With the UAE's establishment of the General Commercial Gaming Regulatory Authority, tasked with creating a regulatory framework for commercial gaming, we are encouraged by the potential opportunity for gaming expansion in Dubai. We are continuously exploring new geographies for future development, including Thailand,' MGM Resorts said in its annual report.
Bill Hornbuckle, CEO and president of MGM Resorts International, last year said at Skift Global Forum 2024 that the US-based hotel operator has applied for a licence to operate a gaming facility in the UAE.
"Yes, we have (applied). We've done it in Abu Dhabi,' he said during the Forum.
Last week, Craig Billings, CEO of Wynn Resorts, dismissed any concerns around the UAE granting a licence to its competitors to build another integrated gaming resort in the country.
While speaking during an earning call after the fourth quarter results, Billings said it takes at least four years to design and build an integrated gaming resort, therefore, they have the advantage of being the first.
'We don't believe that every emirate will avail themselves of potential license by any means. And as we keep our ear to the ground with respect to what's going on… We're opening in March 2027, so think about the fact that it takes a minimum of four years to design and build an integrated resort. You can imagine that we're going to have a very, very healthy lead,' he said during a conference call with analysts.
Billings sees the UAE gaming market reaching $3-$5 billion (Dh11 to Dh18.35 billion) over time.
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