Zona de Azar Arab Emirates – SiGMA Eurasia 2024: Embracing Dubai’s Evolution
Arab Emirates.- November 29th 2023 www.zonadeazar.com The Island Megaproject Takes Shape with Unprecedented Construction Contract
In a groundbreaking development, the city of Dubai is set to welcome a Vegas-style island, ‘The Island,’ featuring iconic hotels from Las Vegas – MGM, Bellagio, and Aria. The project, undertaken by developer Wasl off the coast of Jumeirah, has recently gained momentum with the award of a massive construction contract to China State Construction Engineering Corporation, marking the largest construction deal in Dubai since 2017.
Vegas Vibes Coming to Dubai’s Shores
First unveiled in 2017, The Island near the Burj Al Arab has been somewhat shrouded in mystery until recent confirmations of its active development. The 3.5 million square meter project is now confirmed to house 1,400 hotel rooms from the renowned MGM Grand, Bellagio, and Aria brands. The move underscores Dubai’s continued commitment to pushing architectural boundaries and establishing itself as a global entertainment hub.
Uncertainty Lingers: Will The Island Feature a Casino?
While the allure of Vegas hotels is exciting, the question of whether The Island will feature licensed gaming remains unanswered. The absence of official confirmation leaves room for speculation, especially given MGM President and CEO Bill Hornbuckle’s comments during a recent earnings call. Hornbuckle expressed MGM’s interest in incorporating a world-class gaming component if approved, highlighting the potential for Dubai’s foray into the gaming industry.
Regulatory Winds of Change
Dubai’s contemplation of licensed gaming aligns with broader changes in the UAE’s regulatory landscape. The establishment of the General Commercial Gaming Regulatory Authority (GCGRA) in 2023 signals a strategic move towards creating a comprehensive regulatory framework for national lottery and commercial gaming. The authority, led by respected gaming regulator Kevin Mullally, aims to cultivate a socially responsible and meticulously regulated gaming environment in the UAE.
China State Construction Engineering Corporation Wins Coveted Contract
The Island project’s construction contract, valued at an estimated USD 1.2 billion (AED 4.4 billion), has been awarded to China State Construction Engineering Corporation, headquartered in Beijing. This monumental deal marks a significant milestone for the developer, Wasl, and positions The Island as one of the most sought-after projects in Dubai.
Shaping the Future of Dubai’s Offshore Landscape
As construction commences on The Island, located off the coast of Umm Suqeim, Dubai adds another landmark to its impressive offshore portfolio, which includes Bluewaters Island, Jumeirah Bay Island, Palm Jumeirah, Palm Jebel Ali, Pearl Jumeira, World Islands, and Dubai Islands. The addition of The Island, with its Vegas-inspired hotels and potential gaming offerings, solidifies Dubai’s reputation as a global destination for luxury and entertainment.
In the ever-evolving landscape of Dubai, The Island emerges as a symbol of innovation, luxury, and a potential gaming destination, promising a unique blend of Las Vegas glitz against the backdrop of the iconic Dubai skyline.
SiGMA Eurasia 2024: Embracing Dubai’s Evolution
In sync with this burgeoning transformation, the SiGMA Eurasia Summit has demonstrated remarkable foresight by hosting a show in Dubai for the past three years.
The SiGMA Eurasia Summit, now in its fourth edition, has strategically positioned itself to capitalize on Dubai’s newfound direction in the realm of entertainment and gaming. The summit, scheduled to take place from February 25 to 27, 2024, at the InterContinental Dubai Festival City, offers a platform for industry professionals to converge, collaborate, and explore the latest technological innovations in the sector. Find all the details Here.
Edited by: @MaiaDigital www.zonadeazar.com
