Latest news with #WilliamHornbuckle
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: MGM tower set to open in 2027, says CEO
The construction of the MGM tower in Dubai is in full swing and is set to open in 2027, said William Hornbuckle, CEO and President of MGM Resorts International. 'The building is due to be completed in the third quarter of 2027. We're literally up on the fifth floor of the MGM tower as we speak. It's an exciting project, a truly interesting resort with all kinds of features. Hopefully we'll get to add gaming,' Hornbuckle said during the first quarter earnings call. The US-based hotel and gaming operator said last month that it has 'a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai". In 2017, Dubai-based Wasl Hospitality and Leisure signed an agreement with MGM Hospitality to advise on the development of a premier destination resort in Dubai and to operate the resort when completed. The 26-acre prime beachfront development would feature an MGM Hotel, MGM Residences and a Bellagio Hotel, marking the debut of the MGM and Bellagio brand names in the Middle East region, the US company had said in a statement at the time of agreement. Last month, a high-level MGM team, including chairman Paul Salem, visited Dubai and met Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. William said the key mission to visit Dubai was to discuss opportunities that MGM could bring to the UAE, especially Dubai and to update the government about 'opportunities that we could bring to the UAE and Dubai specifically". Although MGM struck a non-gaming management agreement in Dubai, the UAE gaming market will reach $3-$5 billion (Dh11 to Dh18.35 billion) over the years. The multi-billion dollar Wynn Al Marjan — coming up in Ras Al Khaimah — is the first integrated gaming resort coming in the Middle East. It received a licence in October last year from the UAE regulator — General Commercial Gaming Regulatory Authority (GCGRA). Construction work on Wynn Al Marjan is underway at a fast pace with one floor per week. It is scheduled to open in early 2027.
Arabian Post
08-05-2025
- Business
- Arabian Post
Dubai's ‘The Island' Project Brings Las Vegas Luxury to the Gulf
Dubai is set to host a $1.2 billion megaproject, 'The Island', featuring three iconic Las Vegas hotel brands: MGM Grand, Bellagio, and Aria. Located off the coast of Umm Suqeim near the Burj Al Arab, the development is being spearheaded by Wasl Asset Management Group, with construction contracted to China State Construction Engineering Corporation. The project is scheduled for completion by 2028. Spanning 3.5 million square metres, The Island will offer 1,400 hotel rooms and apartments, along with 10 villas. Amenities include a 110-metre-tall entertainment tower, an 800-seat theatre, multiple swimming pools, a beach club, and a 1.2-kilometre corniche lined with cafes, restaurants, and retail outlets. The development aims to attract ultra-high-net-worth individuals and tourists, enhancing Dubai's position as a global luxury destination. While MGM Resorts International operates casinos in other jurisdictions, no gaming facilities are currently planned for The Island. MGM President and CEO William Hornbuckle has expressed interest in incorporating gaming if regulations permit, noting that the UAE's recent establishment of the General Commercial Gaming Regulatory Authority could pave the way for future developments in this area.
Yahoo
06-05-2025
- Business
- Yahoo
MGM CEO talks about ‘ongoing discussions' on Springfield casino
SPRINGFIELD – A Wall Street analyst asked MGM Resorts International CEO and President William Hornbuckle this week about creating value by 'monetizing assets,' that is selling locations like MGM Springfield. Hornbuckle's answer to Stephen Grambling of Morgan Stanley was not 'no.' 'And then Stephen, remember, I suspect you do that Northfield Park and Springfield are ongoing discussions,' Hornbuckle said. 'So those are assets that we've been talking about for a while.' Hornbuckle's leaving the door open follows more than a year of speculation about the possible sale of the casino. In March 2024, Bloomberg reported that MGM Resorts International is 'exploring' the sale both of Springfield and of its casino in Northfield Park, Ohio. Citing unnamed sources, Bloomberg said MGM is working with finance advisers, but talks were preliminary. Any sale would require the approval of both the Massachusetts Gaming Commission and the city of Springfield. Hornbuckle was one of the executives who helped bring MGM to Springfield just as the state legalized casino gambling. The $970 million casino opened in August 2018 with mixed results. The casino had more than 1,500 employees at the start of the year, according to the most recent filing with its regulators. That's well short of the 3,000 jobs MGM promised to create as it was lobbying for its license and also short of the revised, post pandemic, informal expectation of about 2,000 jobs. In January 2023 Springfield officials concerned about the pace of reopening after COVID restrictions asked Honbuckle to meet in City Hall. Following that closed-door session, he offered a matter-of-fact assessment to reporters. 'Our original valuation of this market simply was off — full stop,' Hornbuckle said. 'We are where we are now.' He also said that if the market conditions in Springfield were fully understood at the time, the casino might not have been built. 'We thought there would be more business here than ultimately materialized,' Hornbuckle said in that January 2023 meeting. 'Scale, scope, etcetera. It is what it is.' After the Bloomberg report in March 2024, Hornbuckle came back to Springfield to meet once again with city officials. After that April 2024 meeting, Mayor Domenic J. Sarno reiterated that Springfield has the power to say yes or no to new ownership. 'My number one priority is to protect the taxpayers of the city of Springfield. It is imperative that every aspect of our Host Community Agreement (HCA) is met and adhered to and that Springfield will receive every dollar it is owed in accordance with the HCA.'
