3 hours Ago By Santiagoc
Wynn Resorts has secured the first commercial casino license in the United Arab Emirates, marking a historic milestone for both the company and the region. The approval paves the way for the development of Wynn Al Marjan Island, a gaming venue located in Ras Al Khaimah. The announcement was made late Friday by the Las Vegas-based gaming company, following the approval by the General Commercial Gaming Regulatory Authority (GCGRA), UAE’s inaugural gaming regulatory body.
The GCGRA was established last year, and although it has not issued a statement regarding Wynn’s approval, the casino operator revealed that the license was granted after a thorough and extensive review by the regulatory agency. Wynn Resorts expressed gratitude towards the GCGRA for the trust and confidence the license represents. Situated in Ras Al Khaimah, the $3.
9 billion Wynn Al Marjan Island project has been under construction for several months and is anticipated to open in early 2027. The development of this property is a collaborative effort between Wynn Resorts and RAK Hospitality Holding. The move could reshape the gaming industry in the Middle East, a region where regulated gaming has been historically off-limits.
Recent events, such as the formation of the GCGRA and the approval of a lottery license for an Abu Dhabi-based company, indicated a shift in this longstanding stance. Despite facing financial obligations under $1 billion, Wynn took a significant risk by proceeding with the UAE development without prior assurance of obtaining a casino license. This gamble has now paid off.
Long-term projections suggest that Wynn’s initiative could be a forward-thinking move, with some analysts predicting that the UAE casino market could generate up to $5 billion in annual gross gaming revenue (GGR) once fully matured. Factors contributing to this potential include the region’s substantial oil wealth, the increasing number of high-net-worth residents, and the UAE’s appeal as a major tourist destination. Global growth opportunities in the gaming industry are limited, with regions like Macau showing little sign of adding more licensees and Singapore’s gambling duopoly locked down for another 30 years.
To provide further details about the UAE casino project, Wynn Resorts will host an event for analysts and institutional investors on Tuesday, Oct. 8, at its integrated resort on the Las Vegas Strip. Craig Billings, Chief Executive Officer, along with other members of the Wynn Resorts global leadership team, will deliver presentations on the resort’s expected financial performance.
The Analyst & Investor Update Meeting will begin at 11:30 a.m. Pacific Time and conclude around 2:30 p.
m. Pacific Time. Analysts had speculated that this invitation-only event hinted at Wynn’s impending approval for a UAE casino license.
.
