Las Vegas gambling operator Wynn Resorts to open first UAE casino

DUBAI — Las Vegas-based Wynn Resorts said Monday that it had secured the rights to build a $3.9 billion casino in Ras al-Khaimah, part of the United Arab Emirates, as the Gulf state looks to entice tourists with a gambling industry.

Wynn Resorts said in a statement that it will hold an analyst and investor update meeting on Tuesday to discuss Wynn Al Marjan Island, which is “currently under construction in the UAE.”

Wynn said last week that it had been awarded a commercial license — the first of its kind for a casino operator in the UAE — by the country’s General Commercial Gaming Regulatory Authority.

The GCGRA was established last year to regulate gaming, an indication of its growing importance for the country’s tourism sector.

The northern emirate of Ras al-Khaimah is a popular tourist destination for local and international visitors who throng its beaches during the cooler winter months.

The development is a joint venture between Wynn and local developers Marjan and RAK Hospitality Holding and will feature a 1,542-room resort as well as 22 bars and a theater. Wynn Resorts will have a 40% equity in the joint venture. The project will launch in the first quarter of 2027.

Building a gambling resort in the UAE marks a major cultural and economic shift for a country governed by Sharia law, which prohibits gambling.

However, the UAE has made several changes to its laws to entice foreign investors and tourists as well as boost confidence in the country as an attractive place to live.

Last year, Dubai scrapped a 30% tax on alcohol as well as the requirement to obtain a personal liquor license in 2023. The UAE also amended laws last year to allow unmarried couples to live together. The UAE also amended another law in June, allowing women to access abortions when pregnancy results from rape or incest.

Allowing gambling operators to set up shop in the UAE will bring in up to $6.6 billion in gaming revenue, the equivalent of 1.3% of the country’s gross domestic product, according to Bloomberg Intelligence.