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UAE Allows Gaming, Inks Multibillion Dollar Deal With Wynn Resorts

On Tuesday, the United Arab Emirates (UAE) declared that it would allow ‘gaming’ while announcing a deal worth multi-billion dollars with casino giant Wynn Resorts, located in Las Vegas. After the announcement, the Wynn stock rose by almost 2%, i.e., to $86.46 per share on the Nasdaq Stock Market on Tuesday. 

There had been rumors doing rounds for several months now that gambling would arrive in the UAE. On Tuesday, it was formally announced by Ras al-Khaimah, the capital of the UAE. Gaming being allowed in the UAE is a big deal for the gaming industry because the UAE is one of the seven sheikdoms that majorly follow Islam, which prohibits gambling. 

One of the world’s largest casino operators, the Caesars Palace, already operates a massive resort in Dubai without any gambling activities. The other emirates have not yet announced any such gaming deals. 

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Earlier, the Wynn Resorts and Ras al-Khaimah had issued a statement that referred to only ‘gaming’ without any specific details. Reportedly, the Tourism Development Authority had been declining requests to answer the matter. However, the latest statement stated that the new gaming project by Wynn Resorts would be required to comply with all the applicable laws and regulations from the operators, suppliers, and employees. This would include financial crime laws as well. The statement also ensures responsible gaming at all levels.

The Wynn Resorts filed a filing to the U.S. Securities and Exchange Commission on Tuesday stating that it has entered into an agreement with Ras al-Khaimah for “the development and subsequent management of an integrated resort.” It is to be noted that the term ‘integrated resort’ implies a hotel including casinos along with other amenities. 

Wynn Resorts also posted a statement regarding the deal on their website, which mentions the development of ‘gaming’ facilities at the project. Ras al-Khaimah-based developer involved in the agreement also issued a statement that read, “The newly announced integrated resort is still in its early design phase and due for completion by 2026.”

The Wynn Resorts project is designed to be built on Ras al-Khaimah’s artificial Al-Marjan Island. It will include around 1,000 hotel rooms, a mall, a convention center, restaurants, and the ‘gaming area.’ Along with a boost in tourism in the region, the project will also help boost the economy, generation of employment, and the overall development of the region.

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