Wynn Al Marjan in the United Arab Emirates is all set for its grand opening: the gaming giant Wynn Resorts has just received its gaming license from the General Commercial Gaming Regulatory Authority, or the GCGRA. The GCGRA is the very first gaming body in the UAE, and it has given Wynn Resorts the first-ever commercial gaming facility operator permit - a definite "Wynn".

Wynn Resorts has made history as the first company to be given a commercial casino license in the United Arab Emirates and the Middle East. The Las Vegas gaming giant confirmed on Friday that the General Commercial Gaming Regulatory Authority (GCGRA), the UAE's newly established gaming regulatory body, approved a commercial gaming facility operator permit for Wynn's upcoming project, Wynn Al Marjan Island. This groundbreaking development signals a new chapter for regulated gaming in the region, which has traditionally banned such activities.

A substantial milestone for Wynn Resorts

The approval marks a significant milestone for Wynn Resorts and its plans for Wynn Al Marjan Island, a $3.9 billion integrated resort located in Ras Al Khaimah. The project, which has been under construction for several months, is expected to open in the beginning of 2027. Wynn Resorts is collaborating with RAK Hospitality Holding, a local partner, on the development.

In a statement, Wynn Resorts expressed gratitude to the GCGRA for granting the license, noting that it reflects the regulatory body's confidence in the company. "Wynn Resorts thanks the GCGRA for the confidence and trust the license grant signifies and is proud to be the recipient of the first commercial gaming facility license in the UAE", the company said. Although the GCGRA has yet to issue a formal statement regarding the approval, Wynn emphasized that the license was awarded after a "diligent and extensive review."

A game-changer for the Middle East's gaming landscape

For decades, casino gaming has been non-existent in the Middle East due to cultural and legal restrictions. However, the recent formation of the GCGRA in 2023 along with a July lottery license approval for a company based in Abu Dhabi indicated a shift in the region's stance on gaming. Wynn's newly secured casino license is a landmark event, potentially reshaping the gaming industry in the UAE and the broader Middle East.

Wynn Resorts took a significant risk in pursuing the UAE development without knowing if a casino license would be granted. Despite this risky endeavor, the decision appears to be paying off. Analysts believe that the UAE's casino market could generate up to $5 billion in annual gross gaming revenue when fully matured. The country's substantial oil wealth, its increasing number of affluent residents, and its status as a top tourist destination make it an attractive market for international gaming companies.

Wynn's entry into the UAE could position it as a major player in the region's emerging gaming industry, which could grow to rival established markets such as Macau and Singapore. These jurisdictions already have limited opportunities for expansion, with Macau unlikely to issue additional licenses and Singapore's casino market locked in a duopoly for the next 30 years. The UAE, in contrast, offers fresh opportunities for growth.

Wynn Al Marjan Island: a project poised to transform the region

The Wynn Al Marjan Island project is set to be a luxury integrated resort, offering a range of amenities, including the newly approved gaming venue. While Wynn's financial stake in the project is less than $1 billion, the total investment in the development is projected to reach $3.9 billion. The resort's design, facilities, and gaming offerings are expected to cater to the UAE's high-net-worth residents and attract international tourists.

This approval could set the stage for even more developments in the UAE's gaming industry, opening the door for other international operators to explore opportunities in the region. For now, Wynn stands as the first mover in a market with considerable untapped potential.

Wynn Resorts to provide project update on October 8

Investors and insiders are eagerly awaiting further details about Wynn's plans for its UAE casino. The company is scheduled to hold an event for analysts and investors on October 8 at Wynn's flagship resort on the Las Vegas Strip. During the event, Craig Billings, Chief Executive Officer of Wynn Resorts, and other global leaders of the gaming giant will deliver presentations on the expected financial performance of Wynn Al Marjan Island.

The Analyst & Investor Update Meeting, which is invitation-only, will provide deeper insights into Wynn's long-term vision for its UAE project and how it could shape the future of gaming in the region. When the event was announced, analysts speculated that it was a signal Wynn would soon receive the long-awaited casino license approval in the UAE.