A employee cleans an escalator on Las Vegas Boulevard in Las Vegas, Nevada, U.S., on Tuesday, March 17, 2020.
Joe Buglewicz | Bloomberg | Getty Images
DUBAI, United Arab Emirates — American on line casino developer Wynn Resorts has set its sights on a new market, and one which has by no means earlier than allowed playing: the United Arab Emirates.
The Nevada-based on line casino giant on Tuesday introduced a multibillion-dollar cope with the UAE emirate of Ras al-Khaimah that can see it open a 1,000-room luxurious lodge with 10 eating places and lounges, a spa, a conference facility, buying venues and a gaming space.
The announcement got here in tandem with a assertion from the Ras al-Khaimah Tourism Development Authority introducing a new division, referred to as the Department of Entertainment and Gaming Regulation, which can regulate “built-in resorts” that embody lodge operations, leisure areas, eating places, spas, retail outlets, conference areas and “gaming.”
“Gaming” is commonly used synonymously with playing in the context of hospitality and leisure venues, although it was not clear whether or not this explicitly meant money betting. RAKTDA was not instantly accessible for remark when contacted by CNBC.
“The newly introduced built-in resort remains to be in its early design section and due for completion by 2026,” a assertion from Marjan, the Ras al-Khaimah developer concerned in the deal, mentioned, in accordance to the Associated Press. “These are all the small print that may be supplied at this stage.”
The UAE, well-known for its glitzy skyscrapers, mammoth buying malls and rolling deserts, has usually been in contrast to Las Vegas — save for a few main variations, the largest of which is that the Arab sheikhdom’s official faith is Islam, which forbids playing.
While alcohol consumption and carrying bikinis on the seaside have lengthy been allowed in many of the nation, setting it aside from a lot of its Middle Eastern neighbors as a foreigner-friendly expat hub, there was no place for playing — even with the constructing of a Caesars Palace in Dubai.
If the announcement by the Ras al-Khaimah Tourism Development Authority on Tuesday does certainly outline gaming to embody playing, it could be very important for the emirate and the broader nation. The transfer would signify one more step in a lengthy and accelerating collection of liberalizing reforms meant to diversify the UAE’s historically oil-based financial system and compete with its neighbors and the broader world for tourism, funding and international expertise.
“The area gives large potential for the hospitality and tourism trade, and we’re excited concerning the prospect of creating an built-in resort in Ras Al Khaimah,” Wynn Resorts’ newly appointed CEO Craig Billings mentioned in a press launch, describing Al Marjan Island, the place the resort might be constructed, as “a pristine setting and a perfect greenfield location.”
Al Marjan is a man-made island lower than an hour away from Dubai International Airport.
The new gaming regulator will comply with “international greatest practices in the regulation of gaming that function as a part of built-in resorts throughout varied jurisdictions worldwide,” RAKTDA mentioned in its assertion, and can take into account the “social, cultural, and environmental panorama of the Emirate and canopy licensing, taxation, operational procedures, and shopper safeguards.”
“The foremost precedence of this new division is to create a strong framework that can guarantee accountable gaming in any respect ranges,” the assertion mentioned.
Ras al-Khaimah is the UAE’s northernmost emirate, and has lengthy labored to appeal to tourism whereas struggling to compete with the nation’s business and tourism capital of Dubai. The UAE is made up of seven emirates, or sheikhdoms, dominated by particular person leaders however who finally are allegiant to the nationwide management in Abu Dhabi.
Wynn’s inventory was buying and selling at $83.92 per share at 10:30 a.m. ET, down roughly 1% following a report that the corporate is planning to divest its on-line sports activities betting unit for $500 million, a steep low cost to the $3 billion valuation floated final yr.