MGM Resorts CEO and President Bill Hornbuckle says the company could pursue a casino gaming license in either Dubai or Abu Dhabi should a new decree that would legalize many forms of gambling be passed.
While MGM is already involved in a substantial development in Dubai that will be home to three MGM Resorts-owned hotel brands – MGM, Bellagio and Aria – Hornbuckle told investors during an appearance at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Friday (Asia time) that Abu Dhabi was also on the company’s radar, depending on which emirates opt to welcome a gaming-led development. MGM’s Dubai development has a 150,000-square foot space set aside for future gaming purposes.
“I think [the UAE] will start with lottery and go into digital gaming, and probably the actual first [casino] license will be issued in Abu Dhabi, followed potentially by what’s happening with Wynn in Ras Al Khaimah,” Hornbuckle said.
“Then we would hope either through an opportunity in Abu Dhabi or in Dubai, we will go after one – recognizing that the ruler, the leader in each emirate has to approve it. That is how that works.”
Hornbuckle also expects to know more about where MGM’s middle east future lies within “months, not years” given the apparent pace of progress. According to the MGM supremo, the recently established General Commercial Gaming Regulatory Authority (GCGRA) – headed by former MGM Resorts CEO Jim Murren and tasked with introducing a regulatory framework for commercial gaming and a national lottery – has “several dozen people moving and acting as if they are going forward” with the potential for considerable progress post-Ramadan.
““We’ve been on the ground there for over a year-and-a-half and we think we know who the development partner is – the government will appoint that development partner,” Hornbuckle said. “They’ve reached out to us and asked for proposals. We’re in the process for that as I’m sure others are as we speak.
“I think they will go quick in identifying a partner: months not years, like this coming summer. Ultimately we will go forward – assuming that the decree happens and the regulations come out – very quickly from there.”
Separately, Hornbuckle said MGM Resorts was maintaining a close eye on New York, where the company hopes to win a full license for its existing Yonkers casino, and in Thailand where it has various government relations and development staff already on the ground.
“Thailand is new, it’s early days,” he said. “The real question for all of us will be whether the regulatory regime is at a high enough level that it holds mustard and will the government participate in the proper way going forward.
“We’re like everyone – there’s a host of the usual characters poking around, looking for sites and looking for partners.”
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