MGM Resorts International CEO Bill Hornbuckle has spoken confidently about the potential of gaming progression in the UAE, specifically highlighting Dubai and Abu Dhabi as regions for growth.
Speaking at a broadcast of the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Access Forum, Hornbuckle emphasised that the market within the Middle East is ‘fascinating’.
It comes amid proposals for a lottery and digital gambling bill in Abu Dhabi, something that Hornbuckle believes could lead to a quick expansion of the region.
Hornbuckle also praised the regulators involved in forming the framework for the UAE, which he believes is a ‘fascinating’ market and can be driven by the robustness of the individuals that are building the regulations.
The official body to oversee a regulated gaming industry in the region was officially appointed at the end of last year, it was described as “a team of internationally credentialed leaders”.
The General Commercial Gaming Regulatory Authority appointed Kevin Mullally as Chief Executive Officer and Jim Murren as Chair of the board of directors.
Hornbuckle expressed optimism that, following Ramadan, there will be developments and further discussions around the regulatory framework.
Furthermore, during an update last year 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.”
