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administrative staff in MGM Resorts International Hopefully the game can be approved by the United Arab Emirates as soon as this year.
The Las Vegas-based casino and hotel operator announced its plans for the MGM Resorts in Dubai back in 2017, which would have no gaming but 1,000 rooms and 10 villas . However, speaking to analysts during the company’s launch, executives seemed more hopeful that they could one day open casinos in the Gulf state. first quarter earnings on Monday.
“As far as Dubai is concerned, the property is constantly evolving,” said President and CEO Bill Hornbuckle. “We are the managers, but I think the owners want to upgrade the property, take gaming into account. But the final decision rests with Abu Dhabi and the national government hands. … We hope “any day.” But I have to believe we’ll be hearing more about that as the summer rolls on.”
“We’ve basically been working on the ground since the first year of this year trying to understand the opportunity in Abu Dhabi and then ultimately understand if it’s going to open,” Hornbuckle said. “If they pass on, [the opportunity] Will be open to other emirates. It is up to the rulers of each emirate to approve it on their own. “
“Obviously, we’re focused on Dubai, which we think is ideal,” Hornbuckle said. “There’s exactly 150,000 to 200,000 square feet of space that could be converted into something like this. But it’s time to tell them, and we haven’t said no to Abu Dhabi.”
MGM already competes in non-gaming areas. Wynn spends $3.9 billion In the region, as Bloomberg reported this week, gaming industry daily and Skift’s Daily Accommodation Report.
Here are additional highlights about the 32 hotel and casino operators in the US and Macau.
expansion continues
In April, the company received approval for a development plan in Osaka, Japan. MGM and its partner Orix want to begin construction on the nearly $10 billion integrated casino resort, which they say will open in 2029, though some experts have questioned that timeline.
MGM’s application process in New York is “in progress,” the company said.
Hotel Boom:
For the first three months of the year, MGM Resorts as a whole had net income of $467 million on revenue of $3.9 billion.
In particular, its resorts on the Las Vegas Strip generated $752 million in revenue. That’s thanks to strong pricing — room rates are 31 percent higher than a year ago — and an average occupancy rate of 92 percent.
Las Vegas has room to grow further if Chinese and other Asian tourists return in large numbers to Las Vegas, executives said. In the first quarter of 2019, Asia-Pacific customers accounted for approximately 45% of its business, compared to around 25% now.
“So from that standpoint, if that comes back, it would make a lot of sense,” said Chief Operating Officer Corey Sanders.
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