Wynn Resorts and MGM Shares Fall Amid Missile Strikes in the UAE

^{Pictured: Fire in the UAE following a missile strike}

U.S. casino operators Wynn Resorts and MGM Resorts International are closely monitoring developments in the Middle East, The Nevada Independent reported. The escalation has spilled over into the United Arab Emirates, where both companies are pursuing major investment projects, and has already weighed on their share prices.

Shares in Wynn fell $4.75, or about 4.4%, to $103.44, while MGM shares declined $1.14, or roughly 3.1%, to $35.72.

The companies commented on the situation at their facilities in the UAE.

MGM spokesperson Brian Ahern said that no U.S. citizens are currently working on the project. He added that employees are safe and sheltering in place in line with guidance from authorities, and that the company remains in regular contact with them.

Wynn said it has plans in place to ensure the safety of its personnel in the UAE. The company did not disclose the number of American employees.

Former MGM chief executive Jim Murren, who now heads the UAE’s General Commercial Gaming Regulatory Authority (GCGRA), declined to comment.

Wynn is developing the $5.1 billion Wynn Al Marjan Island casino resort in the emirate of Ras Al Khaimah, with an opening planned for 2027.

MGM is partnering with Wasl Asset Management Group on a $1.2 billion project in Dubai that includes three hotel towers with 1,500 rooms. The development includes space that could accommodate a casino, though the company has not yet received a gaming licence.

Gambling Park previously reported that the UAE’s gaming market could reach $10 billion by 2030.