Wynn Resorts scores the UAE’s first casino license as the Gulf bets on gambling
Feelin’ lucky… Wynn Resorts won the first commercial license to offer gambling in the United Arab Emirates. Gambling has long been illegal in the UAE, where religious law plays an important role in legislation. But that’s changing after the country established a regulatory body for the industry. Wynn’s gambling license is essential for its $3.9B UAE mega resort set to open in 2027 (Wynn CEO Craig Billings said it’s already the tallest building in the emirate).
Full house: Rival casino operator MGM Resorts has also applied for the coveted UAE casino license, but is still waiting on approval. Billings said the UAE is the “most exciting new market” for the industry.
Dubai bling… The UAE is investing billions to become a top destination, building glitzy hotels and flashy entertainment venues. Last year, the UAE’s tourism sector earned a record $52B, making up nearly 12% of the country’s GDP. Gambling could supercharge that: Wynn’s casino biz has been on a hot streak and is expected to generate nearly 60% of its $7B in revenue this year. Last year, US casinos earned a record $66.5B+. Experts say the UAE’s casino market could grow to the same size as the Las Vegas Strip.
High rollers can bring high returns… China’s Macau (the world’s biggest gambling hub) said gaming made up over a third of its GDP last year. As global gambling revenues surge, more countries are ready to roll the dice on the industry. Last week, Thailand said it would introduce casino-gaming legislation this month.