Dubai: MGM tower set to open in 2027, says CEO
The construction work on the MGM tower in Dubai is taking form and is scheduled for completion in 2027, stated William Hornbuckle, CEO and President of MGM Resorts International.
“Completion of the building is expected by the third quarter of 2027. We are literally on the fifth floor of the MGM tower right now. It’s an exhilarating project; a truly interesting resort with all types of features. I hope we will be able to add gaming,” Hornbuckle said during the earnings call for the first quarter.
Wasl Hospitality and Leisure which is based in Dubai signed an agreement on the development of the premier destination resort in Dubai in 2017 and subsequently contracted MGM Hospitality to manage the resort.
The development, which spans 26 acres of prime real estate, will include an MGM Hotel, an MGM Residences and a Bellagio Hotel, which will be the first MGM and Bellagio branded property in the Middle East, the company had stated in a press release following the agreement.
Last month, an MGM delegation led by chairman Paul Salem came to Dubai where they met with Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum who is the First Deputy Ruler of Dubai, also the UAE Deputy Prime Minister and Minister of Finance.
As stated by William, the Dubai visit's main objective was to figure out what possibilities MGM would be able to offer the UAE, and more specifically, Dubai. He further explained that the purpose of the visit was to report to the government on what “We could do for the UAE and for Dubai in particular.”
The hospitality and entertainment company had indicated a month ago that it has “a non-gaming management agreement with Wasl Hospitality for the Bellagio, Aria, and MGM Grand branded hotels in Dubai.”
According to 242 junkets estimates, the value of the UAE gaming sector will be around $3-$5 billion in the coming years, which is approximately Dh11 to Dh18.35 billion.
Wynn Al Marjan in Ras Al Khaimah marks the region’s first integrated gaming resort, and will open in the Middle East. It got its license last October from GCGRA.
Excavation work on Wynn Al Marjan is going exceptionally well at the rate of a floor each week. It is on track to be completed by 2027.
Comments