UAE awards first gambling license to Wynn

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.