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MGM Resorts, one of the world's leading hotel and entertainment companies, has announced that despite the recent establishment of a gambling regulatory authority in the UAE, its $2.5 billion luxury resort under construction in Dubai will not include a casino. Known as "The Island," this project, MGM's first in the Middle East, will feature 1,400 rooms and encompass four iconic brands: MGM Grand, Aria, Bellagio, and Aria.
Developed by Wasl Hospitality and Leisure, a subsidiary of Wasl Asset Management Group, the resort aims to become a landmark destination for leisure and business travelers, offering a range of attractions and facilities including theaters, beach clubs, marinas, conference centers, spas, and retail complexes.
However, the decision not to include a casino in this resort has surprised many, especially considering the establishment of the Commercial Gambling Control Authority (GCGRA) in Dubai's MGM Resorts last September, sparking speculation about the country's readiness to legalize gambling. Currently, Islamic law prohibits gambling.
While the GCGRA, led by Sheikh Mansour bin Zayed Al Nahyan, is responsible for overseeing and licensing commercial gambling activities in the UAE, it has not yet issued any licenses or permits to gambling operators or venues, nor has it clarified its regulatory scope and standards, leaving the industry in a state of uncertainty and confusion.
Meanwhile, MGM Resorts is pushing forward with its large-scale resort project in Dubai, which began construction in the third quarter of 2017. This project, part of MGM Resorts' global expansion strategy, includes projects in Japan, Macau, and the United States. However, progress on the Dubai project has been minimal, with no updates reported, and it was originally slated to take four years to complete. The company reported a net loss of $448 million for the fourth quarter of 2023, compared to a net profit of $2 billion for the same period in 2022, due to the impact of the Covid-19 pandemic on its operations.
Bill Hornbuckle, CEO of MGM Resorts, discussed these developments at the Global Gaming Expo (G2E) in Las Vegas, highlighting the collaboration between the company and Wasl Asset Management Group. While the Dubai development project has been described as a "platform and foundation" and may include a casino, Hornbuckle emphasized that there are currently no plans to operate a casino in Dubai, suggesting that Yas Island in Abu Dhabi may be more suitable for opening a casino in the UAE. He stated, "If gambling is legalized, we do see a significant opportunity, primarily in the UAE and eventually in Dubai."
Although signs indicate a warming trend in gambling activities in the UAE, including the establishment of the first gambling regulatory authority, the ultimate decision on whether to allow the opening of casinos has not yet been made. Nevertheless, it is evident that the landscape of gaming in the UAE is at a significant turning point, with the establishment of the GCGRA signaling potential changes in the country's stance. |
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Post time 1-3-2024 14:21:02