The landmark step means a long-rumored casino portion of the $3.9 billion island resort Wynn and others are building in Ras Al Khaimah, United Arab Emirates.
Ras Al Khaimah, United Arab Emirates – Las Vegas-based Wynn Resorts has announced that it has been awarded the first commercial gaming operator license in the United Arab Emirates.
The license will be used for the $3.9 billion luxury resort and casino currently under construction on Win Al Margan Island in Ras Al Khaimah, United Arab Emirates (UAE). The project is a joint venture between Wynn Resorts, Margan and Ras Al Khaimah-based RAK Hospitality Holding.
Wynn said the license was approved by the UAE’s General Commercial Regulatory Authority, which was established last month and is currently run by US gaming industry veterans.
The landmark decision ended years of speculation about whether the country would allow gambling, which is illegal throughout the Gulf region. It is also a time of intense economic competition in the region with the UAE and other countries, especially Saudi Arabia.
A move to legalize gambling could provide a fundamental boost to the region’s already booming economy. According to Bloomberg Intelligence, if the UAE’s gaming revenue reaches 1.6% of GDP (generated by Singapore), it could reach more than $6.6 billion.
Wynn probably won’t be the only casino in the UAE for long. Las Vegas-based MGM Resorts said it has also applied for gambling licenses in Dubai and Kuala Lumpur. Malaysia-based Genting Group also said it is open to developing a casino resort in the UAE.
About the project
Wynn Al Maagan Island is a $3.9 billion integrated resort with 1,542 rooms and 22 private villas, scheduled to open in 2027. The island has more than 2.7 million square meters (29 million square feet) of reclaimed land in the Arabian Gulf. The resort is located on one of the exclusive islands and covers approximately 250,000 square meters (2.7 million square feet). The project also includes 22 restaurants, lounges, bars, shops, and a conference and event center.
Wynn has already invested $514 million in the project and plans to reveal more details about the project and its financial involvement in an investor presentation this week, according to a Bloomberg article.