MGM just announced a $3 billion development project in the tremendously rich city of Abu Dhabi. How rich is Abu Dhabi? To quote it’s Wikipedia entry, “Each of Abu Dhabi’s 420,000 citizens is worth $17 million (AED 62 million), and more than $1 trillion is invested worldwide in this city alone.”. Noticeably missing is mention of a casino which makes a whole lot of sense being that Abu Dhabi is the capital of an Islamic country. From the press release:
The MGM Grand Abu Dhabi will be strategically located at a prominent downtown waterfront site on Abu Dhabi Island. Once completed, the MGM Grand Abu Dhabi will feature unparalleled views of the city skyline as well as stunning panoramic views of the waterfront.
This initial phase will utilize 50 acres and consist of an MGM Grand hotel and two additional MGM branded luxury hotels each appealing to a distinct market segment. In total, more than 1,200 luxury guest accommodations will be developed in the first phase. The development will also feature a major entertainment facility, as well as high-end retail shops and world-class dining and convention facilities. The development will also integrate a variety of luxury residential offerings including waterfront residences with private yacht berths.
