Wynn Resorts’ Wynn Al Marjan Island built-in resort within the United Arab Emirates (UAE) is predicted to open in early 2027, maybe a number of months sooner, and when it does, the on line casino lodge will take pleasure in a doubtlessly size monopoly within the emirates.
Normal Business Gaming Regulatory Authority (GCGRA) Chairman Jim Murren. He mentioned it is going to be awhile earlier than the UAE provides extra casinos. (Picture: Bloomberg)
The rationale for that benefit is as a result of the Normal Business Gaming Regulatory Authority (GCGRA) — the UAE’s first gaming regulator — isn’t dashing the approval of further on line casino licenses over the near-term.
The method is transferring very intentionally right here. The federal government has been very clear it needs a state-of-the-art, very compliant, very rigorous regulatory regime. Nothing we’re doing will rush that,” mentioned GCGRA Chairman Jim Murren on the Skift Global Forum East 2024 earlier this week.
The GCGRA was fashioned in September 2023. It’s been about lower than two months because the regulatory physique permitted a gaming license for Wynn Al Marjan Island, which is situated within the emirate of Ras Al Khaimah, marking the primary such approval within the historical past of the Arab world.
Pragmatic Strategy in UAE May Profit Wynn
On the convention, Murren emphasised {that a} pragmatic strategy to issuance of on line casino licenses is “extremely vital” to the UAE authorities, including that the GCGRA is concentrated on the operators to which it’s granted permits.
That’s Wynn and a lottery operator in Abh Dhabi, indicating that whereas Wynn gained’t have a everlasting monopoly within the emirates, it should take pleasure in a major head begin over any rivals trying to enter the market. These embody MGM Resorts Worldwide, the corporate Murren beforehand led.
“We’ll see different built-in resorts within the UAE over the following 5 to 10 years, however Wynn has the top begin,” mentioned Murren.
He didn’t get into specifics, however it seems will Wynn’s UAE monopoly will span at the least a number of years.
Earlier this yr, MGM confirmed it want to pursue a UAE gaming license and that there’s house for a on line casino put aside at its lodge in Dubai, which is at the moment structured as a non-gaming venue. Owing to its standing because the area’s prime vacationer vacation spot and the huge petroleum wealth possessed by some locals, the UAE is compelling marketplace for gaming operators, implying new licenses are value ready a number of years for.
Lengthy-Time period UAE On line casino Outlook
Although he drew comparisons between the UAE immediately and Las Vegas 30 years in the past, Murren didn’t get into the precise quantity of gaming venues that would finally name the emirates the house. What is obvious is that the quantity won’t ever be akin to that of Las Vegas or Macau and that analysts and executives largely view UAE as a 4 on line casino market, together with Wynn Al Marjan Island.
4 built-in resorts may very well be sufficient to make the emirates a $3 billion to $5 billion market when it comes to annual gross gaming income (GGR) and doubtlessly rank it fourth on this planet behind solely Macau, Nevada, and Singapore.
Some analysts estimate UAE’s whole addressable gaming market may very well be as excessive as $8.5 billion, however that determine implies going past 4 on line casino resorts and extra liberalized views towards gaming within the international locations closest to the emirates.
