A multibillion-dollar mega resort in Ras Al Khaimah planned by a major US hotel operator aims to be a magnet for "ultra high net-worth" customers and attract tourists from across the globe after securing a gaming licence from UAE authorities.
Wynn Resorts, which runs high-end hotel complexes in Las Vegas, Boston and the Chinese territory of Macau, said the UAE represented its most "exciting market for integrated resort development in decades" in an investors report shared on Tuesday night.
The $3.8 billion Wynn Al Marjan Island resort in Ras Al Khaimah will seek to "capture untapped domestic gaming demand" from the UAE's large expatriate community as well as draw in "high-end gaming clientele from abroad", the report states.
Wynn said construction on the five-star facility - which is scheduled to open in 2027 - was advancing rapidly. It said it expected the resort to deliver "meaningful long-term economic benefits to Ras Al Khaimah".
The hotel developer and operator said the gaming licence issued by the UAE's General Commercial Gaming Regulatory Authority related to its property in Ras Al Khaimah.
"The licence award follows a diligent and extensive review by the GCGRA," Wynn said.
"Wynn Resorts thanks the GCGRA for the confidence and trust the licence grant signifies and is proud to be the recipient of the first commercial gaming facility licence in the UAE.
"We are underway with the construction of our resort in Ras Al Khaimah and look forward to being a key partner in the development of its tourism economy."
The GCGRA confirmed to The National on Tuesday that a licence had been awarded.
Tourism boost
The resort, which will have views of the Arabian Gulf, is a hotel and casino with 1,500 rooms, suites and villas, as well as two dozen restaurants, a spa, an event centre and a theatre.
Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE's gaming regulator has been set up to oversee and supervise commercial 'gaming activities'. These include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts.
The use of the word "gaming" is the same language used by the equivalent authorities in the US.
What's coming to RAK?
Wynn’s first venture in the Middle East is already attracting plenty of attention. Marjan Island is a development of four reclaimed islands with more than 7.8km of pristine beaches and 23km of waterfront, in addition to world-class hotels and residential developments.
Wynn, best known for its casino hotel resorts in Las Vegas, Boston and Macau, expect the project will create at least 4,000 jobs and become the next “catalyst” for tourism in the emirate. The economic benefits will be “massive”, stimulating foreign direct investment and employment, Raki Phillips, chief executive of the Ras Al Khaimah Tourism Development Authority, previously told The National.
What is the UAE's gaming regulator?
The authority was established in September last year. It is led by gaming industry veterans and is the federal entity overseeing commercial gaming activities in the UAE.
In July, regulators in the UAE were awarded a licence for the country’s first authorised lottery. It will be operated by The Game LLC under the banner UAE Lottery and it is expected to offer a diverse range of games.
More information about how to play is expected soon with representatives from the GCGRA stating it was a “pivotal” step for the country.
Kevin Mullally, chief executive of the GCGRA, said at the time that the authority's regulatory framework was designed to ensure the integrity, fairness and transparency of commercial gaming activities in the country “which include lottery games”.
Gaming explained
The regulator's first two licences come months after some operators of the UAE's prize draws were required in January to pause business.
One of the operators at the time said the pause was the result of an “industrywide mandate” that was consistent with the new role to create a well-regulated gaming environment in the country.
Before this step, prize draws had drawn increasing numbers of participants hoping for significant windfalls. Since its formation, the GCGRA has sought to develop a regulatory framework to protect consumers and stakeholders.
It was underlined that engaging in, conducting, or enabling commercial gaming activities within the UAE without approval from the GCGRA is illegal and anyone breaking the rules could face severe penalties. Playing as a consumer through unlicensed operators is also illegal.
According to the GCGRA's website, it is the only entity that can regulate, licence and supervise commercial gaming activities and centres within the UAE, which include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts.
“Commercial gaming” refers to “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”.
