Las Vegas-based Wynn Resorts CEO Craig Billings says he expects that the issuance of the first casino license in the United Arab Emirates (UAE), for the Al Marjan project, could happen very soon, Bloomberg reported August 11.
Of course, one thing that will have to happen first is for the UAE to legalize gambling.
If the license happens, Wynn’s $3.9 billion integrated casino resort in the Northern Emirate of Ras Al Khaimah would be the only such resort in the UAE. Wynn will have a 40 percent equity ownership of the project and it will also be paid to manage the property. Its local partners are Marjan LLC and RAK Hospitality Holding LLC.
The Wynn Al Marjan Island is expected to open in early 2027 on 115 acres on the island of Al Marjan, one of four islands in the emirate. The island is a 15-minute drive from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport. It has several miles of beaches and 14 miles of waterfront, world class hotels and residential development.
The development will include a 1,500-unit resort, 1,000-foot tower, suites, villas, a theater and a casino, which will actually only account for 4 percent of the total project. The resort will stage laser and light displays every night, as its Las Vegas namesake does.
Billings made the comments during the gaming giant’s second-quarter earnings call. He said, “We have everything we need to operate gaming in Al Marjan. So while there may be conversation in other Emirates about legalization or legalization at the federal level, thereby covering all Emirates, I expect that we will have our license for Ras Al Khaimah actually imminently.”
Billings called the UAE investment, “the most exciting gaming market in decades.” He noted that analysts describe it as “one of the most exciting growth prospects in the gaming industry globally.”
He added, “The UAE is already a substantial destination for not only the region but for Europe, for Brits, for Germans, for folks from all over the place.”
If a gaming sector is legalized in the UAE, it could grow to be a $6.6 billion annual revenue generator, said Bloomberg analyst Angela Hanlee.
