Las Vegas-based hotel and casino operator Wynn Resorts said on Friday that it had scored the UAE’s first gaming licence from the country’s General Commercial Gaming Regulatory Authority (GCGRA). The firm said it is developing a luxury resort in Ras al Khaimah.
Last month, the UAE set up a federal entity to regulate gambling in the country and hired veterans to lead it, concluding years of speculation over if the country is actually going to permit gambling – illegal across the Gulf region.
The move comes against a backdrop of intensifying economic competition in the region. The UAE recently unveiled a series of liberal legal reforms as it tries to maintain its edge as the Middle East’s trade, tourism and financial hub.
UAE’s First gaming license amid economic diversifications
Ever since Wynn Resorts announced plans to set up a multibillion-dollar resort off the coast of the UAE, speculation had been floating around the Gulf country’s actual plans regarding gambling. It has taken about three years, but the operator finally received the licence.
This is going to come as a boost for the firm as it continues to build a $3.9 billion integrated resort in Ras al Khaimah – one of the seven emirates in the UAE. The place is due to open in 2027. The gaming licence is also going to be a step change for the country.
The move is likely to come as a Shot in the arm for the Economy, as it is capable of attracting tourists and investment. Bloomberg Intelligence predicts it can even generate gaming revenue equivalent to 1.3% of UAE Gross Domestic Product (GDP).
Luxury gaming to provide an edge to UAE’s travel industry
Wynn Resorts has already invested $514 million in its UAE project. MGM Resorts International is said to have applied for a gambling licence in the capital Abu Dhabi. Genting is also open to pursuing the development of integrated casino resorts in the country.
Luxury gaming could provide an edge to the UAE’s Travel and Tourism Sector. The Gulf state has been seeing a consistent increase in foreign tourist arrivals. Dubai received over 10.6 million international tourist arrivals in just the first seven months of 2024.
The near future is expected to see rapid expansion in the casino industry. If the government expedites policymaking even further, gaming licences are going to position the UAE at the forefront of global gaming trends, unlocking sizeable economic potential.
Gaming resorts aren’t just about gaming though
Live gaming and travel share a connection. More and more tourists – fond of casino gaming – are choosing their vacations spots depending on this synergy. This gaming sector continues to expand as youngsters find more disposable income, boosting the tourism market.
But here is the catch. Gambling resorts generate only a fraction of revenue from tourists. Interestingly, they don’t even depend entirely on gambling to be successful, but rather on providing different forms of entertainment in general.
Overall, gaming resorts seek to provide a fun and entertaining time. Non-gamblers also frequent these places as guests, alongside their casino-loving friends and family members. Most hotels have top-tier accommodation, qualified chefs and the best performances.
What makes you a good journalist? Hopefully, I can find a convincing answer to it someday.From Btech in Civil Engineering to pursuing Masters in Journalism and Mass Communication, it has been quite a journey. I have a keen interest in investigative journalism and exploring the latest developments in the Gulf region.
I care about ethical reporting and bringing something new to the table. Overall, if not a writer, I believe I would have been a globetrotter or a pet-sitter.
Email id: shrabani@traveltodubai.ae