Wynn Resorts CEO Predicts UAE Casino Industry Could Generate $8B Yearly
The future looks to be extremely lucrative in the United Arab Emirates (UAE) in the gaming and hospitality sector. Wynn Resorts Chief Executive Officer Crag Billings has predicted that the UAE’s gross gaming revenue could reach between $5 billion and $8 billion in the years ahead. If this projection proves to be correct then the UAE could soon rival global leaders in the gaming world such as Las Vegas which rakes in over $6 billion.
The key driver behind Wynn Resorts’ strategy in UAE is the development of Wynn Al Marjan Island. The $3.9 billion integrated resort located in Ras Al Khaimah is scheduled to open in the first quarter of 2027 and will feature over 1,500 luxury rooms, 22 restaurants and social spaces, and crucially a 225,000-square-foot gaming space.
Wynn Resorts owns 40% of the project, partnering up with Marjan and RAK Hospitality Holding. Billings has touted the fact that the new resort is only 50 minutes from Dubai International Airport making it accessible for those flying into the country as well.
In addition to Wynn’s UAE development, the company’s acquisition of private Mayfair casino Crown London has been described by Billings as “a big acquisition in strategic terms” as it gives Wynn access to a database of VIP Emirati players who spend much of their time in London that could be lured to their new UAE resort.
In a country where gambling remains illegal comes with a big risk for Wynn Resorts but the winds of change are blowing in their favour. All of this development has come due to the establishment of the General Commercial Gaming Regulatory Authority (GCGRA) as the UAE makes a substantial shift in its approach to gaming. Wynn Resorts was granted the first commercial gaming operator’s licence in the UAE in October 2024 as the country looks to diversify its economy and enhance its tourism offering.
Industry analysts have been positive about Wynn Resorts’ plans. Morgan Stanley urged investors to buy in September 2024 citing the potential of the UAE project and the fact that it’s been under appreciated in the market so far. The target price has also been raised to $104, as analysts continue to show optimism about the company’s prospects for growth in this new market.
Despite the promising outlook, there are still plenty of challenges for Wynn Resorts to overcome. Not least of these is the current regulations in place related to gaming in the UAE. Despite being granted the licence to operate which signals a shift in what rules will be in place by the time the resort is open, the reality is that cultural considerations might prove harder to overcome. Wynn has shown commitment to responsible gaming practices while also engaging with local authorities to ensure success.
Wynn Resorts’ move into the UAE shows the willingness to take a calculated risk in a market that holds significant revenue potential. With regulations changing to entice these developments, Wynn Al Marjan Island won’t be the last resort as a possible Las Vegas of the Middle East could emerge.
