Wynn Resorts' Wynn Al Marjan Island integrated resort in the United Arab Emirates (UAE) is anticipated to launch in early 2027, possibly a few months earlier, and upon its opening, the casino hotel could benefit from a potentially extended monopoly in the region.
The advantage stems from the fact that the General Commercial Gaming Regulatory Authority (GCGRA) — the UAE’s inaugural gaming regulator — is not hastily approving extra casino licenses in the short term.
"The process is moving very deliberately here. The government has been very clear it wants a state-of-the-art, very compliant, very rigorous regulatory regime. Nothing we’re doing will rush that,” said GCGRA Chairman Jim Murren at the Skift Global Forum East 2024 earlier this week.
The GCGRA was established in September 2023. It has been just under two months since the regulatory authority granted a gaming license to Wynn Al Marjan Island, situated in the emirate of Ras Al Khaimah, representing the first approval of its kind in the Arab world’s history.
Pragmatic Strategy in UAE Might Help Wynn
During the conference, Murren highlighted that a practical strategy for issuing casino licenses is “extremely crucial” for the UAE government, noting that the GCGRA concentrates on the operators to whom it awards permits.
That's Wynn and a lottery operator in Abu Dhabi, suggesting that although Wynn won't maintain a lasting monopoly in the emirate, it will have a considerable advantage over any rivals aiming to penetrate the market. These encompass MGM Resorts International, the organization that Murren previously directed.
“We’ll see other integrated resorts in the UAE over the next five to 10 years, but Wynn has the head start,” said Murren.
He didn’t delve into details, but it seems that Wynn’s monopoly in the UAE will last for several years at least.
Earlier this year, MGM announced its intention to seek a UAE gaming license and revealed that an area for a casino has been designated at its hotel in Dubai, which is presently operating as a non-gaming establishment. Due to its position as the area's top tourist hotspot and the significant oil riches held by certain residents, the UAE presents an attractive market for gaming operators, suggesting that new licenses are worth waiting a few years for.
Extended UAE Casino Forecast
While he likened the UAE today to Las Vegas three decades back, Murren did not specify the precise number of gaming establishments that might one day be found in the emirates. It is evident that the figure will never match that of Las Vegas or Macau, and analysts and executives primarily see the UAE as a four-casino market, which includes Wynn Al Marjan Island.
Four integrated resorts may be sufficient to position the emirates as a $3 billion to $5 billion market for annual gross gaming revenue (GGR), potentially placing it fourth globally, following Macau, Nevada, and Singapore.
Certain analysts project that the total addressable gaming market in the UAE might reach $8.5 billion, though this estimate suggests expanding beyond just four casino resorts and adopting more liberal attitudes toward gaming in neighboring countries.