MGM Resorts Seek United Arab Emirates Casino License
MGM Resorts has taken a step towards entering the United Arab Emirates gaming market by submitting an application for a casino license.
MGM Resorts announces application for UAE casino license.
LISTEN TO THIS ARTICLE:This move makes MGM the second major land-based gaming company to explore opportunities in the region. The application was revealed during a keynote speech at the Skift Global Forum in New York on September 19 by MGM Resorts International CEO Bill Hornbuckle.
The way it will work, the federal government, the Abu Dhabi government, will approve it. We’ve applied for something there and hopefully will win something there. Then each ruler will have their say. It’s like a state, where each state says yes or no. I hope and believe we’ll hear more from Abu Dhabi later this year about the federal mandate and federal oversight.
MGM Resorts Building on Ties with the UAE
MGM Resorts is not new to the UAE market and Hornbuckle told Sean O’Neill, Skift’s senior hospitality editor, that they have “a long history with the region”. He spoke about the company's partnership with Dubai World in 2007, which resulted in a 50-50 joint venture to develop CityCenter on the Las Vegas Strip. This project includes the Aria Casino Resort, Vdara Hotel, and the residential Veer Towers.
In 2021, MGM acquired Dubai World’s stake in the joint venture for $2.1 billion. Later that year, MGM sold the real estate of Aria and Vdara to Blackstone for $3.89 billion.
The company is also working on a luxury resort development on Jumeirah Beach in Dubai, which began in 2017. This project, in collaboration with Hospitality and Leisure, will showcase the MGM, Bellagio, and Aria brands and feature 1,500 hotel rooms. During the Skift Forum, Hornbuckle mentioned that this development includes several areas that could be adapted for gaming if Dubai chooses to allow it in the future.
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Potential Abu Dhabi Casino Plans
While MGM has had a presence in Dubai since 2015, Hornbuckle has indicated that the company is keen on developing a casino resort in Abu Dhabi. At this year’s ICE London, he said, “As the capital, it feels like it might be the first to move forward.”
However, even if a casino license is granted, gaming will not be available to Emirati citizens. The UAE population consists predominantly of expatriates, making up between 80% and 90% of its residents, which, combined with the country’s status as a travel hub, provides MGM with an excellent business opportunity.
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