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Wynn’s UAE project to legalize casino gaming in the country
With its debut in the UAE, Wynn Resorts has the huge potential to legalize casino gaming in the country.
Wynn Al Marjan Island is the UAE project of the Wynn Resorts. Founded in 2002, Wynn Resorts develops and operates high-end hotels and casinos. Based in Paradise, Nevada, Wyn Resorts is currently working on its UAE project, which is still under construction.
Wynn’s management will be hosting an investor day event in Las Vegas early next month. JPMorgan analyst Joseph Greff suggested in a new report to clients that this could be a positive indicator, as it may imply that UAE regulators are preparing to officially approve casino gaming.
Joseph Greff wrote:
“The fact that management is willing to host a three-hour investor meeting could likely imply that regulations and license issuance are imminent. We don’t look at this as a derisking event, but rather one in which equity investors can start to ascribe the currently discounted equity value related to the project.”
In July, the country officially legalized a lottery license for an Abu Dhabi-based company and gave hope that soon Wynn will also receive its approval as its project’s benefits to the country’s economy can not be compared to anyone else’s.
Wynn Resort’s UAE project is expected to open in early 2027 and will become the first legal casino in the Arab world. This makes the project’s status a significant one for many investors.
According to Dubai Casinos‘ research, major news events related to wagering in the UAE consistently drive a 12.54% increase in internet searches among Emirati citizens.
Dubai Casinos commented:
“In September 2023, the UAE establishing the General Commercial Gaming Regulatory Authority (GCGRA), signalling the country’s intent to regulate and potentially legalize certain forms of gambling. Since that announcement, public curiosity has surged, with online searches for gambling-related terms increasing by 54.38%.”
Wynn Al Marjan Island is positioned as a tourist destination, and it is clear that among locals there is a huge interest in the project.
Dubai Casinos added:
“This is evident in the steady search volume for ‘Casino in Dubai’ and ‘Ras Al Khaimah Casino,’ suggesting that the public is eager to learn more about the possibility of brick-and-mortar gaming venues in these areas.”
Wynn Resorts announced its project in the UAE in 2022, and last month, it announced the project’s president’s name.
It is still unknown whether there will be any limitations for locals visiting the gaming zone; however, it will be difficult to apply, taking into consideration the overall wealth status in the country.
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