In the UAE, gambling remains a cultural and legal taboo, forbidden for local citizens. However, behind the scenes, a multi-billion-dollar gaming industry targeted at foreigners is quietly being assembled. The industry has the potential to contribute significantly to the UAE’s GDP and mark a significant cultural shift in the country’s history. Despite the secretive nature of the industry’s development, hints and clues suggest that major gaming companies from Las Vegas are involved in these plans, and ambitious hotel projects are already in motion.
In January 2022, Wynn Resorts announced a partnership with Ras Al Khaimah to develop a large-scale resort with a gaming area. MGM Resorts also expressed interest in securing a gaming license in the UAE, particularly in Abu Dhabi. The establishment of the General Commercial Gaming Regulatory Authority (GCGRA) in September 2023 and subsequent announcements and developments from major casino operators indicate a growing interest in the UAE as a potential gambling hub.
The ambitious Wynn Resorts project in Ras Al Khaimah is set to feature over 1,500 rooms, 24 restaurants, and a large casino area. The estimated revenue potential of the resort is significant, and Wynn Resorts has trademarked names hinting at future development on the island. MGM Resorts also has a project in Dubai but is not yet as far along, with plans for a non-gaming project in Abu Dhabi. Both major gaming companies are making strategic moves in the UAE to capitalize on the emerging market.
The UAE’s General Commercial Gaming Regulatory Authority has detailed regulations for building and operating casinos, with a focus on different types of gaming facilities and regulations for lotteries, internet gaming, sports wagering, and land-based gaming. Operators must have qualifying domestic entities in the UAE to apply for a gaming license, and major players like Wynn and MGM have local partnerships in place to navigate the regulatory landscape. Other potential operators like Atlantis Dubai are also considering the possibility of operating a casino in the region.
The potential market size of the UAE casino industry is estimated to be significant, comparable to the Las Vegas Strip and larger than Singapore’s current market. However, initial constraints on the number of casinos in the region may limit the full potential of the market. As the industry continues to develop and regulations evolve, there will be a need for a fundamental culture shift in the UAE to accept and embrace the gaming industry. Major gaming operators are optimistic about the growth potential in the UAE and are positioning themselves to capitalize on this emerging market.
Overall, the emergence of the UAE as a potential gambling hub represents a significant shift in the country’s cultural and economic landscape. With major casino operators like Wynn Resorts and MGM Resorts making strategic moves in the region, the UAE is poised to become a major player in the global gaming industry. As developments continue to unfold, it is clear that the world’s newest gambling hub is emerging in the Middle East, and it is expected to have a significant impact on the region’s tourism and entertainment sector.
