MGM Resorts has confirmed its formal application for a casino license in Abu Dhabi, becoming only the second operator to confirm plans to enter the market.
MGM Resorts CEO Bill Hornbuckle has previously praised regulators in the Middle East and stressed that the market’s potential is indeed exciting.
He stated: “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.”
Laying out how the framework will work, he added: “Then each ruler will havehas 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.”
The other key player in the Middle East is Wynn Resorts, which has already applied for a license and mapped out major ambitions in the region.
In a previous comment, Wynn Resorts CEO, Craig Billings, described the region as the “most exciting new market opening in decades”.
He added: “We believe it highly unlikely that every emirate will ultimately avail themselves of the right to host an integrated resort.
“There’s a whole bunch of reasons for this, ranging from cultural nuances to population density, to varying degrees of need for the additional visitation. Our view is that it will likely be us and us alone for a multiyear period given that we are well underway on construction now.
“And of course, we all know the advantages of being first as we have seen in other markets. After that, it may be a duopoly or an oligopoly of three, but I find either ultimate market structure undaunted given the database advantages of being first and the fact that we very successfully operate in the two most competitive markets in the world, Vegas and Macau.”
The market is still yet to take shape and the framework is yet to be fully formed. However, there are big ambitions for integrated resorts in Abu Dhabi and Dubai. Furthermore, there is also optimism that clarity will be found in the near future as stakeholders and regulators formalize key details around how the region’s casino sector will operate.
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