Wynn Resorts’ Wynn Al Marjan Island integrated resort in the United Arab Emirates (UAE) is anticipated to launch in early 2027, possibly a few months earlier, and upon its opening, the casino hotel may experience a potentially extended monopoly in the emirates.
The rationale for that benefit is that the General Commercial Gaming Regulatory Authority (GCGRA) — the inaugural gaming regulator in the UAE — is not hurrying to approve new casino licenses in the short term.
"The process is moving very deliberately here. The government has been very clear it wants a state-of-the-art, very compliant, very rigorous regulatory regime. Nothing we’re doing will rush that,” said GCGRA Chairman Jim Murren at the Skift Global Forum East 2024 earlier this week.
The GCGRA was established in September 2023. It has been just under two months since the regulatory authority granted a gaming license to Wynn Al Marjan Island, situated in the emirate of Ras Al Khaimah, representing the first approval of its kind in the history of the Arab world.
Pragmatic Strategy in UAE Might Advantage Wynn
During the conference, Murren highlighted that a practical approach to issuing casino licenses is "extremely significant" for the UAE government, noting that the GCGRA is concentrating on the operators to whom it provides permits.
That’s Wynn alongside a lottery operator in Abu Dhabi, suggesting that although Wynn won’t hold a permanent monopoly in the emirate, it will have a considerable advantage over potential competitors aiming to enter the market. Those comprise MGM Resorts International, the firm Murren formerly headed.
“We’ll see other integrated resorts in the UAE over the next five to 10 years, but Wynn has the head start,” said Murren.
He didn't provide details, but it seems that Wynn's UAE monopoly will last for a minimum of several years.
Earlier this year, MGM announced its intention to seek a UAE gaming license and mentioned that a casino area is designated at its Dubai hotel, which is presently operating as a non-gaming facility. Due to its reputation as the leading tourist spot in the area and the significant oil riches held by some residents, the UAE presents an attractive market for gaming operators, suggesting that new licenses are worth a wait of several years.
Long-Term Forecast for UAE Casinos
While he compared the UAE today to Las Vegas three decades prior, Murren did not specify the precise number of gaming establishments that might one day exist in the emirates. It is evident that the figures will never match those of Las Vegas or Macau, and that experts and leaders generally regard the UAE as a four-casino market, which includes Wynn Al Marjan Island.
Four integrated resorts may be sufficient to transform the emirates into a market with an annual gross gaming revenue (GGR) of $3 billion to $5 billion, possibly positioning it as the fourth largest globally, trailing only Macau, Nevada, and Singapore.
Certain analysts project that the total addressable gaming market in the UAE may reach $8.5 billion, but this estimate suggests expanding beyond four casino resorts and adopting more progressive attitudes towards gaming in neighboring countries.
