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Wynn Resorts Gets Government Approval for Legal Casino in UAE
05.10.2024 - 19:31 / skift.com / Wynn Al-Marjan / Ras Al-Khaimah / Bill Hornbuckle / Wynn Resorts / Josh Corder / Jim Murren
Wynn Resorts said Friday it had received the first casino license in the UAE from the country’s General Commercial Gaming Regulatory Authority (GCGRA).
The release from Wynn Resorts states it is a “commercial gaming facility operator license” and it has been given to “the entity developing Wynn Al Marjan Island.” The developers for the project are government-owned, Marjan and RAK Hospitality Holding. Wynn Resorts is putting in $900 million for its 40% stake in the venture.
The $3.9 billion Wynn Al Marjan Island project was announced in early 2022 and is set to open in the first quarter of 2027. It will have over 1,500 hotel rooms, 22 restaurants and a huge mall. In terms of gaming, the casino floor is expected to be around 224,000 square feet in size, slightly larger than the casinos of Wynn Las Vegas.
On October 8, Wynn is scheduled to give an update on the Wynn Al Marjan Island project for analysts and investors.
The GCGRA had previously issued only one gaming license since its creation in September 2023 – to a national lottery company in Abu Dhabi called The Game. The license for Wynn Al Marjan Island in Ras Al Khaimah is the second.
The GCGRA did not return a request for comment.
The GCGRA’s board of directors is chaired by Jim Murren, who was the chairman and CEO of MGM Resorts from 2008 to 2020.
Last month, MGM Resorts CEO Bill Hornbuckle said at the Skift Global Forum 2024 that it had also applied for a casino license in the country. MGM Resorts is yet to have any running hotels there.
“Yes we have [applied]. We’ve done it in Abu Dhabi,” said Hornbuckle. “The way it will work is the federal government in Abu Dhabi will approve it, we’ve applied for it and hopefully we’ll win the license there. Each ruler has their city, their state. Each can say yes or no.”
While Vegas heavyweights like Wynn and MGM made headlines for entering the UAE, the reality of the country’s gaming industry could be a lot more local, favoring companies already in the country.
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