The US hotel giant plans a multi-billion dollar mega-resort in Ras Al Khaimah that will attract “ultra-high net worth” customers and draw tourists from around the world after receiving a gambling license from the UAE authorities.
Wynn Resorts, which operates luxury hotel complexes in Las Vegas, Boston and Macau, China, said in an investor report released on Tuesday evening that the UAE is “the most exciting integrated resort development market in decades.”
The $3.8 billion Wynn Al Marjan Island Resort in Ras Al Khaimah is designed to “serve the untapped domestic gaming demand” of the UAE’s large expat community and is intended to attract “high-end gaming customers from overseas,” the report said.
Wynn said construction is progressing apace on the five-star facility, which is due to open in 2027. The resort is expected to bring “significant long-term economic benefits to Ras Al Khaimah.”
The hotel developer and operator said the gaming license issued by the UAE’s General Commercial Gaming Regulatory Authority relates to its hotel property in Ras Al Khaimah.
“The granting of the license was preceded by a careful and comprehensive review by GCGRA,” Wynn said.
“Wynn Resorts appreciates the confidence GCGRA has shown in awarding this license and is proud to be the first company in the UAE to receive a commercial gaming operating license.
“Commercial gaming” [is] any game of chance, or combination of chance and skill, where an amount of money, in cash or cash equivalents, is wagered – placed as a bet – for the purpose of winning a sum of money or other valuable items
Commercial gaming” [is] any game of chance, or combination of chance and skill, where an amount of money, in cash or cash equivalents, is wagered – placed as a bet – for the purpose of winning a sum of money or other valuable items. UAE General Commercial Gaming Regulatory Authority
“We are busy building our resort in Ras Al Khaimah and look forward to being a key partner in the development of the tourism economy.”
GCGRA confirmed to The National on Tuesday that the license had been awarded.
Tourism Boost
Overlooking the Persian Gulf, the resort features a hotel and casino with 1,500 rooms, suites and villas, as well as 24 restaurants, a spa, an events center and a theater.
Gambling remains prohibited in the Emirates and across the Gulf, however the UAE Gambling Regulatory Authority has been established to monitor and supervise commercial “gambling activities”. These include lotteries, internet gambling, sports betting and land-based integrated gambling centres and resorts.
The use of the word “gambling” corresponds to the language used by relevant authorities in the United States.
What’s next for RAK?
Wynn’s first Middle East project is already attracting a lot of attention. Marjan Island is a project consisting of four reclaimed islands with more than 7.8km of pristine beach and 23km of waterfront, as well as world-class hotel and residential developments.
Wynn, best known for its casino-hotel-resorts in Las Vegas, Boston and Macau, expects the project to create at least 4,000 jobs and become the emirate’s next “kickstart” for tourism.
Ras Al Khaimah Tourism Development Authority CEO Raki Phillips previously told The UAE breaking that the economic benefits will be “enormous” and drive foreign direct investment and jobs.
What is the UAE Gambling Authority?
The authority was established last September. Led by gaming industry veterans, the federal body oversees commercial gaming activities in the UAE.
In July, the UAE regulator licensed the country’s first licensed lottery. It is operated by The Game LLC under the name UAE Lottory and aims to offer a diverse range of games.
More information on gameplay will be released shortly. GCGRA officials said this is a “decisive” step for the country.
GCGRA Chief Executive Kevin Mulally said at the time that the authority’s regulatory framework is designed to ensure the integrity, fairness and transparency of commercial gambling activities in the country, “including lottery games.”
Gambling Description
The regulator’s first two licenses were issued months after some gambling operators in the UAE were forced to suspend operations in January.
One of the operators said at the time that the disruption was the result of an “industry-wide mission” that coincided with the company’s new role of providing a well-regulated gambling environment in the country.
Prior to this step, the contest increasingly attracted participants hoping for big wins. Since its inception, GCGRA has sought to develop a regulatory framework to protect consumers and stakeholders.
It was emphasized that engaging in, conducting or promoting commercial gambling activities in the UAE without GCGRA approval is illegal and severe penalties will be imposed for any breach of the rules. It is also illegal to play as a consumer through an unlicensed provider.
According to the GCGRA website, GCGRA is the only authority that can regulate, license and supervise commercial gambling activities and centers in the UAE. These include lotteries, internet gambling, sports betting and land-based integrated gambling centers and resorts.
“Commercial gambling” means “a combination of luck and skill or chance in which amounts of cash or cash equivalents are wagered, i.e. made as bets, with the aim of winning cash or other items of value”.