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MGM Resorts Considers Participating in US$3 Billion Resort in Abu Dhabi

MGM Resorts International has put “under review” a grandiose project in Abu Dhabi with the total value of US$3 billion. The complex in Mina Zayed will have a waterfront location and will contain several hotels with the total number of guestrooms reaching 1,000. On the territory of the complex will be also located an entertainment area, a convention center and other facilities.

Initially the project appeared several years ago. However, due to crisis of 2008 the future development was postponed. The project of the resort is the cooperation of MGM Resorts and Mubadala Development, the Abu Dhabi-based investment company with the government share. Both parties agreed on starting the building process in 2009, but the crisis ruined these plans.

Recently Mubadala has issued a report in which it states the company is currently in the process of reviewing of this project. No final decision is made at the moment. MGM Resorts has declined to make any comments concerning this issue.

The analysts say the United Arab Emirates are already full of various hotels and resorts and the inventory exceeds the demand, so such a huge and costly project in unlikely to be built.

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