RAS AL
KHAIMAH, UAE — Las Vegas-based Wynn Resorts said it has been awarded the first
commercial gaming operator’s license for the United Arab Emirates.
The license
will be used at a $3.9-billion luxury resort and casino currently under
construction at Wynn Al Margan Island in Ras Al Khaimah, UAE. The project is a
joint venture between Wynn Resort, 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 set up last month and is now operated by veterans of the U.S. gaming
industry.
The landmark
decision ends years of speculation about whether the country would allow
gambling, which is illegal across the Gulf region. It also comes at a time of
intensive economic competition in the region for the UAE and other countries,
especially with Saudi Arabia.
The move to
legalize gambling could radically boost an already booming economy in the
region. According to Bloomberg Intelligence, if the UAE’s gaming revenue
reaches 1.6% of its GDP (which Singapore generates), it could hit more than
$6.6 billion.
Wynn likely
won’t be the lone casino in the UAE for long. Las Vegas-based MGM Resorts said
it has also applied for a gambling license in Dubai and Kuala Lumpur;
Malaysia-based Genting Group has also said it is open to developing a casino
resort in the UAE.
About the
project
Wynn Al
Margan Island is a $3.9-billion integrated resort that will feature 1,542 rooms
and 22 private villas and is scheduled to open in 2027. The island has more
than 2.7 million square meters (29 million sq. ft.) of reclaimed land extending
into the Arabian Gulf. The resort will be on one of the exclusive islands and
cover an area of almost 250,000 square meters (2.7 million sq. ft.). The
project also includes 22 restaurants, lounges and bars, shopping and a meeting
and event center.
According to
a Bloomberg story, Wynn has already invested $514 million in the project and is
expected to reveal more details about the project and its financial involvement
in a presentation to investors this week.
