Dubai’s Real Estate Jackpot: MGM, Bellagio, and Aria to Transform “The Island” into a Vegas-Style Paradise

Introduction:

Dubai, known for its breathtaking skyline, luxurious developments, and record breaking real estate market is set to raise the stakes even higher with an upcoming megaproject that will bring a touch of Las Vegas glamour to its shores. The Island, a venture by Wasl located off the coast of Jumeirah, is poised to create even more interest for U.S. investors as it welcomes three iconic Las Vegas hotels – MGM Grand, Bellagio, and Aria. 



In this blog post, we’ll delve into the details of this exciting venture and explore the potential opportunities it presents for investors.

The Island: A Vegas-Inspired Oasis


The Island, situated in close proximity to the iconic Burj Al Arab, is not just another development; it’s a Vegas-style paradise. The construction contract for this ambitious project, featuring 1,400 hotel rooms, marks the largest awarded in Dubai since 2017.

MGM’s Vision for The Island


During the latest MGM earnings call on November 8, 2023, Bill Hornbuckle, President and CEO of MGM, provided insights into the development of The Island. Confirming that the luxury destination was “under construction,” Hornbuckle unveiled exciting details about the project. The Island will showcase the world-renowned MGM Grand, Bellagio, and Aria brands, all falling under the MGM umbrella and synonymous with excellence in the Vegas hospitality scene.

Exploring the Icons: MGM Grand, Bellagio, and Aria


Each hotel on The Island brings its unique charm and offerings. The Mediterranean-inspired Bellagio, overlooking the iconic Las Vegas lake, boasts a permanent Cirque du Soleil aqua show and a choreographed fountain display. Aria, the more luxurious big sister brand, caters to food enthusiasts with its array of high-end restaurants, including favorites like Catch, Jean-Georges Steakhouse, and Carbone. MGM Grand, renowned for star-studded events and hedonistic pool parties, adds a touch of glamour and excitement to the island.

Gaming Potential: A Roll of the Dice?


While there is no official confirmation regarding licensed gaming on The Island, the prospect is not off the table. The recently announced General Commercial Gaming Regulatory Authority (GCGRA) in the UAE signals a shift toward a regulated gaming environment. The potential for licensed gaming entities in the region is gaining traction, with MGM expressing interest in incorporating a world-class gaming component into The Island if approved.

Looking Ahead: Investment Opportunities in Dubai’s Real Estate Boom


As the UAE takes steps towards establishing a regulatory framework for gaming, U.S. investors keen on diversifying their portfolios should keep a watchful eye on Dubai’s real estate market. The Island, with its Vegas-style allure and the prospect of licensed gaming, presents a unique investment opportunity. Bill Hornbuckle emphasized the significant potential for MGM in Dubai, making it an exciting prospect for investors looking to ride the wave of Dubai’s real estate boom.

Conclusion:

Dubai’s real estate market is set to witness a groundbreaking transformation with The Island, a megaproject that brings the spirit of Las Vegas to the shores of Jumeirah. U.S. investors have a golden opportunity to enter this market now, and continue to ride the wave of capital appreciation, ROI, rental returns in this tax free haven. And, as Dubai explores the possibilities of licensed gaming, the investment landscape becomes even more enticing.


Stay tuned for the unfolding of this extraordinary venture and consider making your mark in Dubai’s real estate jackpot.