written and last updated by
Sam Smith at
04 Sep 2024
Journalist, Editorial Department
Wynn Resorts Ltd, the gaming operator, is set to host an Investor Day in early October at the construction site of its entertainment complex in Ras Al Khaimah, UAE. The company is expected to provide insights into the progress of the project, which aims to become the first gaming resort in the Emirates.
This information was shared by analysts from JP Morgan, including Joseph Greff, Samuel Nielsen, and Ryan Lambert. They noted, "The fact that management is willing to hold a three-hour meeting with investors likely indicates that the approval of regulations and the issuance of licenses are imminent."
The discussion revolves around the potential legalization of the gaming industry in a country where it is currently prohibited. Craig Billings, Chairman and CEO of Wynn Resorts, has previously emphasized that the company would not have embarked on the project without confidence in the UAE's intention to regulate and license casinos.
Wynn Al Marjan Island is a $3.9 billion (approximately 343.7 billion rubles) entertainment complex under construction, in which the operator holds a 40% stake alongside local partners.
Wynn Resorts operates casino resorts in Las Vegas and Massachusetts in the United States, and its subsidiary manages Wynn Macau and Wynn Palace in Macau. Recently, CBRE Capital Advisors Inc stated that the new property in the UAE could generate $1.4 billion (about 123.4 billion rubles) in gaming revenue annually.
The UAE has already established a regulatory body for the gaming industry, the GCGRA. Craig Billings recently expressed optimism about the regulator's official website becoming publicly accessible. "I expect they will move forward... to the next stage in our licensing. I don't have specific timelines for you, but you can see the current momentum," added the Wynn Resorts CEO.
It is worth noting that the CEO of MGM Resorts International is also optimistic about the opening of a casino in Dubai.
