UAE gives first ever license for gambling
Date
10/6/2024 8:19:21 AM
(MENAFN) In a groundbreaking move for the Middle East, Wynn Resorts has secured the first commercial gambling license from the gaming authority in the United Arab Emirates (UAE). This milestone was reported on Friday, marking a significant shift in the region’s stance on gambling.
The Nevada-based company is in the process of developing a lavish resort at Wynn Al Marjan Island in Ras Al Khaimah. This ambitious project is a collaboration between Wynn Resorts, Marjan, and RAK Hospitality Holding. According to a statement from Wynn, the investment for this luxury venture totals approximately USD514 million, with plans for the 1,542-room resort to open its doors to guests by 2027.
Historically, the UAE and other Gulf nations have maintained strict prohibitions against both online and land-based gambling, as it is inconsistent with Islamic law. However, the landscape is evolving as casino operators aim to attract visitors from Europe, Asia, and beyond, thereby boosting the tourism sector.
In a notable development last year, the UAE established a new regulatory body aimed at creating a legal framework for commercial gaming and a national lottery. This step indicates a shift in policy as the country seeks to diversify its economy and enhance its appeal as a global tourist destination.
Additionally, in September, MGM Resorts, another major player in the hospitality and entertainment sector, announced its application for a gambling license for a property under construction in Abu Dhabi. This further signifies the growing interest in developing gaming facilities in the UAE.
The UAE's authorities are actively pursuing a national tourism plan that envisions attracting around USD27.2 billion in investments within the tourism sector. The objective is to enhance the sector's contribution to the nation’s GDP to USD122.5 billion and welcome approximately 40 million hotel guests by 2031.
As Wynn Resorts embarks on this new venture, it sets a precedent that may pave the way for more gambling-related developments in the UAE and the broader Gulf region, reshaping the landscape of tourism and entertainment in the area.
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