United Arab Emirates (UAE) Lottery Expected To Pave Way For CasinosGaming Experts Part Of New Regulatory Body |
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The United Arab Emirates (UAE) recently approved a lottery license for a company based in the capital of Abu Dhabi and that and some in the industry have speculated that the move could bring casino gaming to the country as well.
The license was granted by the General Commercial Gaming Regulatory Authority (GCGRA), the country’s first gaming regulatory body, and is chaired by former MGM Resorts International CEO Jim Murren. With Murren involved and Wynn already building a $4 billion resort near Dubai, some analysts believe that project will include gambling and that more may be in the works.
“I think it is reasonable to expect the UAE will be the Las Vegas of the Middle East,” CBRE Institutional Research analyst John DeCree noted in a recent research report about the industry’s prospects in the country. He added: “We believe the UAE represents one of the most compelling opportunities in global gaming.”
Adding Regulated Gaming
DeCree believes the creation of the regulatory body and adding a lottery moves the country closer to full-scale gaming and that definitely includes allowing gambling at the new Wynn resort.
The Wynn project is currently under construction and will be built on one of four small man-made islands, known as the Marjan Islands, that sat mostly unused for the last year. Plans call for a 1,500-room beachside hotel and casino, which will be one of the company’s largest properties. The resort will also include a shopping venue, a spa, and meetings and event space.
The resort is expected to open in 2027 and has also spurred additional construction projects on the islands, including homes, resorts, shops, and a new airport. Dubai and the UAE have long attracted higher-end tourism clientele and the country’s leaders apparently see casino gaming as a way to enhance that.
However, the country still has yet to officially approve adding casinos. But industry observers believe that will change soon.
“The UAE is still the next gaming frontier,” DeCree noted in his report. “We continue to believe the UAE is one of the most attractive global gaming opportunities today. The GCGRA is staffed by well-known and experienced gaming veterans and has been working expeditiously to craft industry-leading regulations, which are now becoming visible.”
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