Leisure & Hospitality MGM applies for UAE casino licence says CEO By Pramod Kumar September 23, 2024, 3:44 AM Wynn Resorts An impression of Wynn Al Marjan Island resort in Ras Al Khaimah, which is slated to open in early 2027 US hospitality and entertainment group MGM Resorts has submitted a proposal to the UAE government to secure a casino operating licence, CEO Bill Hornbuckle has confirmed. “The way it will work is the federal government in Abu Dhabi will approve it, we’ve applied for it and hopefully we’ll win the licence there,” Hornbuckle said at the Skift Global Forum 2024 last week. “Each ruler has their city, their state. Each can say yes or no,” he said. Rival Las Vegas-based hospitality group Wynn’s is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah. GCC stadium projects have ‘multifaceted’ impact on real estate Opportunity knocks in Ras Al Khaimah’s beaches and mountains Casino plan tempts Dubai’s Danube to buy plots in RAK The complex is expected to open in early 2027 and Wynn’s CEO Craig Billings told analysts in 2022 that it would include a casino. In August, Wynn Resorts closed a deal to bank an additional 70 acres of land in the emirate for future development. The CEO has already hinted at the possibility of opening a branch in Dubai, buoyed by evolving gaming regulations in the UAE.
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 3 hours ago
Economy Egypt targets €4bn EU funding by June Egypt is aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its current reform agenda, according to a media report. Cairo has started negotiations with the EU, with the funds directed towards budget support and not specific projects, Asharq Business reported, quoting minister of […] 3 hours ago
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 2 hours ago
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 12 hours ago
