JP Morgan is optimistic about Wynn Resorts' prospects in the UAE, citing its status as a pioneer in the market and the country's low tax environment
According to JP Morgan, the regulatory framework in the United Arab Emirates, including tax rates, is favorably distinct from what is offered by the largest regulated markets worldwide. Analysts Joseph Greff and Samuel Nielsen noted that in the UAE, the tax rate is set at 10-12% of the gross gaming revenue of casino resorts. In contrast, Macau imposes a rate of 40%, while Singapore's rate ranges from 18% to 22%.
JP Morgan also highlighted that the duration of gaming licenses in the emirate of Ras Al Khaimah, where Wynn Al Marjan Island is being developed, is 15 years. For comparison, licenses in Macau are valid for 10 years.
Earlier this week, Wynn Resorts released an investor report stating that the annual gross gaming revenue for Wynn Al Marjan Island is expected to be no less than $1.33 billion (approximately 129.5 billion rubles). JP Morgan analysts do not view this financial forecast as overly optimistic, given that the gaming brand will benefit from being a pioneer in the UAE.
The brokerage firm added that the potential audience for the project encompasses about 25% of the global population, including 20% of all millionaires. Additionally, Wynn's target markets account for roughly 20% of the world's GDP.
The operator anticipates that in the future, gaming licenses in the UAE will be granted to two or three more casino resorts. Recently, competing company MGM Resorts International applied for a similar license for its property in Abu Dhabi.
Notably, according to Morgan Stanley, the annual gross revenue for UAE casinos could reach between $3 billion and $5 billion.
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