Wynn Al Marjan Island is speculated to become the largest driver of profits and free cash flow for the Wynn portfolio, generating over $1.66 billion in annual gross gaming...
UAE operator launches online casino against gambling law
Despite strong laws against gambling in the UAE, lottery operator Momentum has launched its online casino TrueWin, which offers slots, dealer tables, and sports betting.
As a start, Momentum began redirecting its users from their old platform, Dream Island, which was a low-risk lottery-style website and not an actual casino. Momentum had first launched its legal lottery in November 2024, which was licensed by the federal government.
Gambling platforms are usually blocked and restricted in the country, so this leaves TrueWin as the only accessible and openly operating platform in the Arabian Peninsula.
The government also created the General Commercial Gaming Regulatory Authority (GCGRA) in September 2023. The body was given a mandate of regulating casinos and sports betting and would be staffed by former US gaming commissioners. After Wynn Resorts proposed building a $5.1 billion casino hotel in Ras Al Khaimah, the government made the decision to form the GCGRA.
The final gambling framework hasn’t been formed yet, but these developments indicate that the UAE might have plans to loosen gambling laws. This would be a first for the region, as the country would have to balance between religious and social sensibilities.
Bloomberg Intelligence analysts predict the UAE gaming market could bring in $6.6 billion in revenue if the Wynn project is realized and another casino is built in Dubai or Abu Dhabi.
Wynn Resorts is expecting two competitors to come to the UAE gaming market within the next few years, given the projections that the sector will produce about $3-5 billion in...
