Wynn and MGM Monitor UAE Projects Amid Middle East Conflict

Executives at Wynn Resorts and MGM Resorts International are keeping a close eye on developments in the Middle East after the conflict reached the United Arab Emirates, where both companies are building major resort projects.

“Safe and Sheltering in Place”

The US State Department has urged Americans in 14 countries in the region, including the United Arab Emirates, to leave via commercial transportation “due to severe, escalating safety risks” following joint US and Israeli airstrikes on Iran. 

In the aftermath, Iranian forces launched drones and missiles across the region, with two of them striking areas in Dubai, damaging several hotels and parts of Dubai International Airport.

Among the properties affected were Fairmont The Palm on Palm Jumeirah and the iconic Burj Al Arab, where debris from an intercepted drone caused a minor fire on the outer facade, according to authorities.

Both gaming companies say their teams are safe. MGM spokesman Brian Ahern said the company has no American citizens currently working on its UAE development. 

Employees on the ground “are safe and sheltering in place, per guidance from authorities. We’re in close contact with them and having regular check-ins.”

A spokesperson for Wynn told GGRAsia it is “closely monitoring the situation” and has “plans in place to secure the safety” of employees if needed.

Quick Stock Exchange Reactions

The market reacted quickly. Wynn shares fell $4.75 on Monday to close at $103.44 on the Nasdaq, while MGM dropped $1.14 to $35.72 on the New York Stock Exchange.

Wynn is developing the $5.1 billion Wynn Al Marjan Island resort in Ras Al Khaimah. Scheduled to open in 2027, it is expected to feature the country’s first legal casino. The 70-floor tower, topped off in December, will include 1,550 rooms, beachfront villas, 22 restaurants, and a meeting space.

MGM, meanwhile, is partnering with Wasl Asset Management Group on a $1.2 billion non-gaming resort on Jumeirah Beach, branded under Aria, MGM Grand, and Bellagio. The UAE has been positioning itself as a future gaming hub. A 2023 analysis by CBRE suggested the market could eventually generate up to $8.6 billion annually, rivaling the Las Vegas Strip.