The construction firm behind the MGM Cotai casino resort in Macau has been awarded the contract to build “The Island” in Dubai. First reported by MEED, the $1.2 billion contract is the most valuable construction deal in Dubai in the past six years.
Wynn Expects To Have A Monopoly On UAE Casinos
10.11.2023 - 19:59 / skift.com / Wynn Al-Marjan / Ras Al-Khaimah / Josh Corder / Jim Murren
Wynn Resorts thinks it will be the sole operator to have a casino in the United Arab Emirates for several years, effectively giving it a monopoly on a market that could rake in billions for the Gulf nation.
“It will likely be us and us alone for a multiyear period,” said the group’s CEO Craig Billings in an earnings call. “After that, it may be a duopoly or an oligopoly of three.”
The Wynn Al Marjan Island is expected to open in Ras Al Khaimah – an emirate with a population of around 450,000 – in 2027. It is projected to cost upwards of $3.9 billion to build, more than the likes of Burj Al Arab and Atlantis The Palm in nearby Dubai.
In September, the UAE announced the formation of the General Commercial Gaming Regulatory Authority, known as the GCGRA, a federal-level entity to regulate and establish “strict guidelines” for the country’s gaming industry. Chaired by ex-MGM CEO Jim Murren, its formation sparked speculation of country-wide gaming.
MGM’s Bill Hornbuckle has spoken several times this year about the potential of a gaming license for his three-brand resort in Dubai, which has been in limbo for years. At a conference in Vegas last month, he said: “We think there will be three or four [casinos] in the Emirates. It’s up to each ruler to decide what they want to do and where they want to do it.”
But in Wynn’s eyes, this won’t be the case, not in this decade at least. Billings said: “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.”
Last week, unnamed sources told Bloomberg that the Dubai government has put casino plans on hold. One of the reasons: “Because its tourism sector is already booming.”
Days after the GCGRA was formed, another frontrunner for UAE gambling – Caesars – announced a surprise exit from Dubai. The company had operated a non-gaming resort in the emirate since 2018, and had long hoped it would one day allow gaming. The resort will instead become a Banyan Tree through a new deal with Ennismore and government investment corp Dubai Holding.
In the MGM earnings call this week, Hornbuckle said they “just don’t know” if they’ll be able to have a casino in Dubai. He added: “It depends on what a partner and potentially our existing partner wants to do, but know that we literally have somebody on the ground today in discussion. And so, it’s very front and center with us.”
Billings, by comparison, is already waiting for his licenses. He said: “[Wynn] expects that the licensing process is a two-step process, the issuance of a provisional license and then a
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
forbes.com
30.11.2023 / 16:45
This Dry-Aged Fish Program At Wynn Las Vegas Is The First Of Its Kind On The Strip
Lakeside at Wynn Las Vegas has this week introduced a unique dry-aged fish program to its extensive seafood menu. The program marks the first of its kind on the Las Vegas Strip.
breakingtravelnews.com
29.11.2023 / 16:18
RAS AL KHAIMAH’S RENOWNED FIREWORKS AND DRONE SPECTACLE RETURNS THIS NEW YEAR’S EVE
A magnificent firework display is set to return once again to Ras Al Khaimah and welcome 2024 with a bang this New Year’s Eve. Confirmed by Ras Al Khaimah Tourism Development Authority (RAKTDA), and the Organising Committee of the Emirate’s New Year’s Eve celebration, the dazzling performance will wow visitors of all ages, as fireworks light up the sky with an eye-popping show and electrifying beats.
skift.com
28.11.2023 / 15:39
Abu Dhabi Hires Retired Cop as Gambling Investigator
The UAE’s newly-formed gaming commission has hired its head of investigations: A recently retired U.S. lieutenant who had led the Gaming Division of the Missouri State Highway Patrol. Ed Aylward confirmed Monday that he will join the General Commercial Gaming Regulatory Authority (GCGRA).
skift.com
27.11.2023 / 23:23
The Future of Middle East Travel and Tourism
The Middle East’s travel and tourism ambitions can seem unbelievable: 150 million visitors into the once-closed off Saudi Arabia, 40 million visitors to the UAE – big goals keep getting more ambitious. The Skift Global Forum East returns to Dubai from December 12 to 14 and we’ll be speaking to the most important travel executives from the region to better understand how it might all play out.
forbes.com
27.11.2023 / 15:27
Preview Of The Fontainebleau, Newest Las Vegas Mega Casino Resort
Every year is a big year in Las Vegas, with tourism records being broken regularly. But by any standards this is really big year–we just saw the debut of the super high-profile F1 race, the Las Vegas Grand Prix, and just before that, the opening of the world’s most technologically advanced music and performance venue, the Sphere, kicking off with a run of U2 concerts that has already been extended twice. The first ever Sin City Super Bowl is coming in February, but before that there’s one other huge happening–the December 13th grand opening of the Fontainebleau Las Vegas, an entirely new mega resort and casino on the Las Vegas Strip.
traveldailynews.com
27.11.2023 / 09:42
Emirates joins UAE-based research consortium for renewable and advanced aviation fuels
The consortium, Air-CRAFT, is supported by the UAE Ministry of Energy and Infrastructure and UAE General Civil Aviation Authority, and comprises eight founding entities.
traveldailynews.com
27.11.2023 / 09:40
Emirates honours the 52nd UAE National Day
On the Emirates Official Store, customers can also browse a range of UAE National Day merchandise including a white cap with UAE flag calligraphy design on the peak, scarves, lapel pins and keyrings.
skift.com
24.11.2023 / 21:45
Thailand Expects Only 3.5 million Chinese Tourists This Year
Thailand expects 3.4-3.5 million visitors from China this year, which is below its target, the Tourism Authority of Thailand (TAT) said on Friday, despite rolling out a visa-free program to attract Chinese tourists.
skift.com
22.11.2023 / 10:39
Four Seasons Joining Ras Al Khaimah Gamble With Own Resort
Toronto hotel brand Four Seasons is likely to announce its own resort and standalone villa project in United Arab Emirate’s (UAE) Ras Al Khaimah. The proposed super-luxury resort is currently going through its master planning stages and has already found a plot of land “very close” to the $3.9 billion Wynn integrated resort opening in 2027.
skift.com
21.11.2023 / 11:47
Tolga Lacin Leaving Marriott To Become Regional Ennismore COO
One of the most prominent general managers in Dubai, Tolga Lacin, is leaving his post. The Marriott leader is moving on for a role in Ennismore.
skift.com
17.11.2023 / 14:07
Dubai Events Deal with Severe Thunderstorms and Floods
Intense storms and flash floods in the Middle East city of Dubai this Friday morning have halted its events calendar. Across the country, storms began at around 4am local time, with Dubai Police and other authorities issuing public safety warnings shortly after. The National Centre of Meteorology issued orange and yellow alerts nationwide, cautioning residents about potentially dangerous weather conditions for outdoor activities.