Wynn Resorts has made headlines by becoming the first recipient of a casino license in the United Arab Emirates (UAE), allowing it to include a gaming floor at its luxury resort project in Ras Al Khaimah. This development has led the company to increase the budget for the project by $1.2bn, bringing the total cost to $5.9bn. The Wynn Al Marjan Island resort is expected to open its doors in early 2027, making it the first Gulf State to offer legal casino gambling.
The news of Wynn Resorts’ UAE casino license has had a positive impact on the company’s share price, which has risen by 38% over the past month. The company is optimistic about the potential success of the resort, projecting an annual gross gaming revenue (GGR) of $1.6bn. This figure surpasses the revenue generated by the Wynn Las Vegas in 2022, which stood at $628m.
Industry analysts are bullish on the UAE’s casino market, estimating that annual GGR could range between $3bn and $5bn. However, there are several unknown factors that could influence these numbers, such as the number of licenses that will be issued and whether locals will be allowed to gamble at the casinos. Abu Dhabi and Dubai are seen as the most likely destinations for additional casino developments in the future.
Overall, Wynn Resorts’ foray into the UAE’s casino industry represents a significant milestone for the region and has the potential to drive economic growth and tourism in Ras Al Khaimah. The company’s ambitious project is a testament to the growing interest in the Middle East as a lucrative market for luxury hospitality and entertainment ventures.