written and last updated by
Sam Smith at
11 Sep 2023
Journalist, Editorial Department
Dan Vasiolek, a senior equity analyst at Morningstar, believes that Wynn's project in the UAE makes strategic sense as it allows the casino operator to tap into a new international market. The region boasts a population of 10 million residents with a per capita income of approximately $77,000.
Wynn is already established in Las Vegas, Boston, and Macau. However, the upcoming project in the United Arab Emirates will broaden the operator's audience to include the Middle East and even Europe. In fact, 95% of the world's population will be within an eight-hour flight of the Wynn property.
According to Vasiolek, the operator can leverage its existing database of affluent clients to grow its business in the region and attract new partners in the Middle East and Europe. The UAE resort-casino is expected to have a similar size and number of hotel rooms as the Macau Palace, Wynn's property in Macau. However, given the high income levels of the local population, revenues from the UAE resort are anticipated to be even higher. This forecast is bolstered by the fact that Wynn operates as a management company rather than a majority owner, which helps reduce costs.
Vasiolek does not rule out the possibility of competition from other Emirates in the future. He also notes that the operator will need to work closely with local partners to ensure cultural integration through the casino resort.
The Wynn Al Marjan project, estimated to cost around $2 billion, is expected to be completed by 2027. The UAE is already taking significant steps toward legalizing gambling, with the recent establishment of the General Commercial Gaming Regulatory Authority (GCGRA), led by former American Gaming Association chairman Jim Murren.
Notably, the Minister of Finance of Curaçao will co-host a summit at the Marriott Beach Resort in collaboration with SiGMA.
