With no competitors, Wynn UAE casino could ring up $8B a year

Wynn Resorts expects a windfall approaching $8 billion a year from its perch as the first casino operator in the UAE.

The Las Vegas-based company disclosed last week that it had initially expected to be competing with other gaming resorts when it won a license in 2024 to build a casino-hotel in the emirate of Ras Al Khaimah.

Instead, Wynn will open on Al Marjan Island in 2027 with a monopoly that analysts expect to yield $5 billion in annual revenue, while suggesting the turnover could reach $8 billion, Arabian Gulf Business Insight reports.

Wynn CEO Craig Billings said during the company’s second quarter earnings call that the casino’s revenue model was originally structured “assuming there would be multiple competitors in the market.”

Now, Billings said, “It looks like we’re going to be the only one for quite some time.”

The UAE gave Wynn the country’s first 15-year casino license three years ago.

While no other license has been granted, rival casino operator MGM Resorts International has cited “expectations regarding the potential opportunity for gaming expansion” for its $2.5 billion beachfront development at Dubai’s Jumeirah Beach, according to AGBI.

UAE grants first lottery license in key step for gaming reform

The UAE has granted its first lottery license, a key step in establishing a regulated commercial gaming sector in the emirates, where construction of the Gulf’s first casino resort is underway in Ras Al Khaimah.

Approval of the new UAE Lottery, to be run by commercial gaming operator The Game LLC, was announced on Sunday by the General Commercial Gaming Regulatory Authority, a federal body which was set up late last year to oversee gaming activities in the country, including lottery, online gaming, sports wagering and casino resorts.

“The launch of the UAE Lottery is a pivotal event that not only marks the establishment of a disciplined world-class regulatory framework for lottery activities but also underscores our commitment to nurturing a secure and enriched commercial gaming environment in the UAE,” Jim Murren, chairman of the GCGRA, said in a statement.

The new lottery license comes after existing raffle-style draws in the Emirates, including the popular weekly draw by Mahzooz, were required to pause business in January while the GCGRA developed its framework for gaming regulation.

It comes amid anticipation of Las Vegas casino operator Wynn Resorts’ $4 billion development on the Marjan islands, about one hour’s drive north of Dubai, which is expected to open in 2027.