MGM Resorts Bags Large Non-Gaming Deal In Dubai
A subsidiary of casino operator MGM Resorts International is slated to construct and operate a large non-gaming resort on Jumeirah Beach, Dubai, United Arab Emirates.
The 2 million-square-foot project will feature a 360-foot- high sphere as a centrepiece to be called Dubai Sphere, and offer a MGM Hotel, a Bellagio Hotel and MGM Residences among other attractions.
MGM Hospitality’s subsidiary is partnering with wasl Hospitality and Leisure which is a division of a Dubai-based company wasl Asset Management Group. Together the companies will look to develop this massive non-gaming project.
Bill Hornbuckle, president of MGM Resorts International said that the deal had been in the works for a long time. The project is being financed by Dubai’s government and so far there are no estimates of the costs involved.
In a statement, Hornbuckle said,
It’s a big deal for us. This has been going for the better part of two years with the wasl group, which has been a great group to work with.
According to Hornbuckle, the project plans will take nine months to be formulated while construction would take around three years, resulting in a tentative 2021 opening.
This is MGM’s first project in Dubai and also in the Middle East. Dubai is the largest of the cites in the United Arab Emirates. Under the agreement with wasl, MGM will be acting as a consultant to the project and will take over the operation of the property once it opens. MGM will be earning revenue from the project in the form of daily management fees along with a share of the management, technical services and branding fees. A performance fee is also receivable if defined goals are met by the company.
The new project is expected to occupy the longest stretch of waterfront in Dubai and will have a large variety of attractions such as unique water features, restaurants, pools and retail stores.
One of the attractions planned is the Cavern which will be similar to a diving club set below 7,000-8,000 meters (23,000 to 26,250 feet) offering several interesting things to do. A separate dive pool is also planned. A water show similar to that of Las Vegas' Bellagio is being included as a key feature. Around 500,000 square feet will be dedicated for a large theatre, innovative museums, a wide range of dining options, beach clubs, speciality retail shops as well as adventure zones.
Hotel facilities having 1,000 rooms will be created under the MGM and Bellagio brands. Ten villas are also proposed under MGM Residencies. Hornbuckle added that MGM's Skylofts product could also be introduced in the scope of things to be.
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