Happy Sunday everyone!

We have a special ode for one of the most iconic investors in the recent history, Warren Buffet, at the end of today’s newsletter.

But before that: is UAE getting a second casino/gaming establishment, and that too in Dubai? “They haven’t said yes. They haven’t said no. We are building an environment that can accommodate it,” is what MGM Resorts International CEO Bill Hornbuckle told investors recently. Also, Emirates plans to add 1,500 new pilots to its ranks.

But before that: You can join our Whatsapp channel too to receive updates from the business world.

For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time).

MGM Eyes Dubai Casino Opportunity As UAE, New Jersey Sign Landmark Gaming Pact

📰 What is it about?

• MGM Resorts International CEO Bill Hornbuckle revealed that the company is actively building a beachfront development in Dubai that could be ready to host gaming, pending regulatory approval.

• The remarks came during an earnings call where Hornbuckle said MGM executives, including IAC chairman Barry Diller, had recently met UAE leadership to discuss the project’s gaming potential.

• “They haven’t said yes. They haven’t said no,” Hornbuckle said, adding that the company is “building an environment that can accommodate it” as construction progresses on the MGM Tower, part of a $2.5 billion megaresort due for completion in Q3 2027.

• The comments coincided with the signing of a landmark agreement between New Jersey’s Division of Gaming Enforcement (DGE) and the UAE’s General Commercial Gaming Regulatory Authority (GCGRA), signaling growing international cooperation in the sector.

💡 Why it matters?

• The UAE is cautiously laying the groundwork for a regulated gaming industry. Wynn Resorts has already been granted a 15-year exclusive licence to operate a casino in Ras Al Khaimah, with a $5 billion resort set to open in 2027.

• Hornbuckle’s statement confirms that Dubai — the region’s commercial and tourism hub — is being considered for gaming, even as federal law continues to prohibit gambling.

• Industry estimates project the UAE’s gaming market could generate $3–$5 billion annually, with $8.5 billion in broader economic potential, according to CBRE.

• Atlantic City, New Jersey’s gaming hub, remains the second-largest in the U.S. at $6 billion in 2024 revenue, and is increasingly aligning with global counterparts like the UAE to share regulatory expertise.

🔜 What’s next?

• The Memorandum of Understanding (MoU) signed this week in Abu Dhabi by the DGE and GCGRA aims to enhance collaboration on land- and internet-based gaming, especially around cybersecurity and consumer protection.

• The partnership comes amid New Jersey’s record-breaking online gaming growth under Governor Phil Murphy, who called it a step toward "responsible international expansion."

• MGM’s Dubai resort — part of Wasl’s The Island megaproject — will include MGM, Bellagio and Aria hotel brands and is being built to accommodate gaming infrastructure should regulation allow.

• “The ball truly now is in their court,” Hornbuckle said of UAE authorities, hinting at a strategic wait-and-watch approach as the emirates shape their commercial gaming future.

ODEUM – A Cutting-Edge Content Studio for All Your Production and Social Media Management Needs

📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video: Distribution, post-production, production, live streaming, series and show creation, animation, branded content, AI-powered video creation, CGI video creation.

• Social Media: Account takeovers, strategic posts, tactical competitions.

• Copywriting: Branded content hubs, sponsored articles.

• Events: Media partnerships, co-branding, guest list curation, ticket commerce.

• Audio: Podcast production, hosting, voiceovers, audio ads.

• Online Advertising: Programmatic, display, paid social, affiliate marketing.

🔜 What’s next?

• Have a project in mind? Let's make it happen!

• Book a studio or discuss your next big idea with us today.

Follow ODEUM on LinkedIn, Instagram and X.

Markets

Emirates To Hire 1,500+ Pilots Over Two Years As Global Recruitment Drive Takes Off

📰 What is it about?

• Emirates Airline, the UAE's flagship carrier, has announced plans to hire over 1,500 new pilots within the next two years.

• The recruitment is part of the airline’s continued expansion and comes as the industry marked World Pilots’ Day on April 26.

• Emirates is hiring for four key pilot pathways: Direct Entry Captains, Accelerated Command, First Officers Type Rated, and First Officers Non-Type Rated.

• The new recruits will join a growing community of 4,600 flight crew members.

💡 Why it matters?

• Emirates operates one of the youngest and most modern fleets in the world, comprising 261 wide-body aircraftincluding Airbus A380s, Boeing 777s, and the new A350.

• With global travel demand rebounding, Emirates is investing in talent and capacity to stay ahead.

• The Accelerated Command programme, which fast-tracks First Officers to Captains, has already seen 80+ pilotsprogressing toward command upgrades.

• Emirates offers pilots a tax-free salary, profit sharing, provident fund, and comprehensive medical and life insurance, making it one of the most attractive employers in aviation.

🔜 What’s next?

• Emirates will conduct global recruitment roadshows in over 40 cities throughout 2024.

• After visiting Italy in April, upcoming stops include Norway, Finland, and Sweden in May.

• The airline plans to hire over 550 pilots this year alone, with nearly 2,000 new pilots already onboarded since the start of 2022.

• The hiring spree signals Emirates’ long-term commitment to growth and its strategic focus on building a strong pipeline of aviation talent.

Warren Buffet to Step Down at 2025’s End: The End of an Era

Warren Buffett, the investor who turned a struggling textile mill into one of the most valuable companies in the world, has announced that he will step down as chairman and CEO of Berkshire Hathaway at the end of 2025 — marking the close of a remarkable 60-year run that reshaped American capitalism.

The 94-year-old made the announcement on Saturday at Berkshire’s annual shareholder meeting, catching even close insiders by surprise. His longtime lieutenant, Greg Abel, vice chairman overseeing Berkshire’s non-insurance businesses, will succeed him following board approval. The board is set to meet on Sunday.

“That’s the news hook for the day,” Buffett quipped to thousands of shareholders in Omaha. “Thanks for coming.”

Buffett’s retirement will mark the end of one of the most storied leadership tenures in corporate history. Since taking control of Berkshire in 1965, he transformed it from a floundering textile firm into a $1.16 trillion conglomerate spanning insurance, railroads, utilities, retail, and iconic equity holdings including Apple, Coca-Cola, and American Express.

His disciplined, long-term investing style generated a 20% compounded annual return in Berkshire’s stock from 1965 to 2024 — double the S&P 500’s performance over the same period. Alongside his late partner Charlie Munger, Buffett built Berkshire into a business empire — and a philosophy followed by millions.

Shareholders traveled each year to Omaha for “Woodstock for Capitalists,” where Buffett and Munger dispensed financial wisdom and life advice in their signature folksy tones. Through it all, Buffett kept operations lean — just 27 staffers at headquarters — and favored a decentralized approach, giving managers autonomy and focusing his own time on capital allocation and, famously, reading.

He wasn’t without mistakes: a $10 billion writedown on Precision Castparts, a late embrace of tech stocks, and a quiet spell of dealmaking in recent years amid sky-high valuations. Still, his all-in bet on America never wavered — from the 2009 BNSF acquisition to his rousing 2015 letter hailing U.S. productivity as “an all-powerful trend.”

Even in his final stretch, Buffett remained cautious yet confident. Berkshire’s cash hoard hit a record $347.7 billion in March 2025, reflecting a scarcity of appealing large-scale deals. “The few U.S. companies capable of moving the needle have been endlessly picked over,” he wrote.

Yet, his legacy is firmly cemented. Buffett’s principles — patience, discipline, integrity, and optimism — inspired generations of investors. His quotes became mantras, his letters must-reads, and his annual meetings cultural events.

As he prepares to step down at year’s end, Buffett leaves Berkshire not just in solid financial shape, but infused with a lasting ethos. Greg Abel may take the reins, but the spirit of Buffett — the man who called investing “simple, but not easy” — will endure far beyond 2025.

Or as Charlie Munger once said: “Buffett succeeded for the same reason Roger Federer became good at tennis.”

🔍From Smashi Business’ Desk

• Mark Chahwan, co-founder of Sarwa, ditched formalities and celebrated a $5M investment commitment with raw excitement.

🔍In other news…

• Middle East countries have shown interest in or completed deals for at least $6 billion of African energy assets in recent weeks.

• US State Dept approves $3.5 billion missile sale to Saudi Arabia.

• BNY gets license for Saudi regional HQ as global banks grow presence.

• Saudi Arabia’s flynas Middle East’s fastest-growing airline from 2019-2024: report.

• Ras Al Khaimah’s residential inventory expected to double by 2030.

• 14 international airlines exit Kuwait airport as stagnation deepens.

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