MGM CEO Hornbuckle Surprised Company Hasn’t Won UAE Casino License

• MGM is building a $2.5 billion nongaming resort in Dubai
• Wynn Resorts holds UAE’s only casino permit

MGM Resorts International (NYSE: MGM) CEO Bill Hornbuckle is astounded regulators in the United Arab Emirates (UAE) have yet to approve a second casino license.

That’s delaying efforts to add a gaming venue to MGM’s under-construction $2.5 billion beachfront hotel in Dubai. Located on a man-made island, the venue will feature interpretations of the Aria, Bellagio, and MGM Grand — some of the operator’s most iconic Las Vegas Strip properties. The UAE venue is slated to open in 2028.

I thought by now, Abu Dhabi would have ruled on what they were doing,” said Hornbuckle at a recent industry conference. “There’s a lot of dialogue around that.”

Thus far, the General Commercial Gaming Regulatory Authority (GCGRA) — the UAE’s first gaming regulator — has approved just one gaming license, Wynn Resorts’ (NASDAQ: WYNN) Wynn Al Marjan Island holds that permit. The GCGRA is helmed by former MGM CEO Jim Murren.

MGM Wants a Casino in the UAE

MGM has made clear it wants to be part of the UAE casino scene. The company set aside 150K square feet of space at the Dubai property that could be used for a casino in the event the UAE leadership signs off on gaming.

“We don’t have permission yet from the ruler of Dubai to go forward. I don’t know when we’ll hear, but I do believe this … If this gets a casino, and I believe it will over time, we think it’s a massive opportunity,” said the MGM boss by way of Arabian Gulf Business Insight (AGBI).

UAE Casino Competition Could Intensify

For now, the prevailing consensus is that when it opens in 2027, Wynn Al Marjan Island will enjoy a multiyear casino monopoly in the UAE because the GCGRA isn’t in a hurry to approve another casino license. That doesn’t mean operators won’t jockey for position for upcoming permits there.

Some industry executives and experts have estimated that the UAE could eventually become the world’s fourth-largest casino market by gross gaming revenue (GGR), trailing only Macau, Las Vegas, and Singapore, though it’s widely believed that getting to those heights will require having a minimum of three or four integrated resorts.