Posted: October 5, 2024, 06:33.
Last updated: October 5, 2024 06:33.
Wynn Resorts (NASDAQ: WYNN) confirms it has received the first commercial casino license in the history of the United Arab Emirates (UAE) and the entire Middle East, opening gaming venue on Wynn Al Marjan Island paved the way for the inclusion of
Winds UAE Casino Hotel Rendering. The gaming company announced that UAE regulators have approved its casino license. This is said to be the first time in the history of this area. (Image: 11 Prop/YouTube)
The Las Vegas-based gaming company made the announcement late Friday, noting that the UAE’s first gaming regulator, the General Commercial Gaming Regulatory Authority (GCGRA), had approved a license to operate the commercial gaming facility. GCGRA, which was formed last year, has not issued a statement regarding Wynn’s license, but said the casino operator secured the license after a “diligently and extensive review” by regulators.
Wynn Resorts is proud to be the recipient of the UAE’s first commercial gaming facility license, thanking GCGRA for the confidence and trust that granting the license represents. ”
Located in Ras Al Khaimah, the $3.9 billion Win Al Marjan Island has been under construction for several months and is scheduled to open in early 2027. The development of the property is a partnership between the gaming company and RAK Hospitality Holdings.
Wynn UAE Casino Could Reshape the Gaming Industry
Regulated gaming has been off-limits in the Middle East for decades, but recent developments suggest the UAE could break the thaw. These include the establishment of GCGRA in 2023 and the approval of lottery licenses for Abu Dhabi-based companies in July.
Although the financial obligation for the project is less than $1 billion, Wynn is rolling the dice on the UAE development, not knowing whether a casino license will ultimately be granted. Taking that risk was validated.
In the long run, this could be a sign of Wynn’s foresight, as some analysts believe that in its mature stages, the UAE casino market could generate as much as $5 billion in annual gross gaming revenue (GGR). It could prove to be a move. These emirates are attractive to gaming companies due to their vast oil wealth, rapidly growing number of wealthy residents, and the UAE’s status as one of the region’s leading tourist destinations.
Moreover, the gaming industry is having difficulty finding viable global growth outlets. For example, Macau is unlikely to add more licensees, and Singapore’s duopoly will be locked in for nearly another 30 years.
Wynn will soon provide UAE casino updates
Investors will soon get more insight into Wynn’s UAE casino project, as Wynn will hold an event for analysts and institutional investors on Tuesday, October 8, at its namesake integrated resort on the Las Vegas Strip. will be possible.
“Chief Executive Officer Craig Billings, along with other members of Wynn Resorts’ global leadership team, will provide a presentation on the resort’s expected financial performance and more,” the gaming company said in a statement. & Investor Update Meeting will begin at 11:30 a.m. Pacific Time and end at approximately 2:30 p.m.
When the invite-only event was announced, analysts speculated that it was a sign that Wynn would be approved for a casino license in the UAE.