UAE Casino Licensing Details
The process has been rather complicated as opposed to the usual approach of 'build it and they will come'. This is because the UAE is still figuring out how to best introduce the gaming venue. The UAE has been actively searching for a way to portray an outward presence of singularity, and an entertaining destination where rich Westerners can look forward to a good time.
The General Commercial Gaming Regulatory Authority (GCGRA) website launch is a sign that the UAE is still very committed to this. This coincides with the launch of the first lottery license issued by the kingdom to The Game LLC, a subsidiary of Momentum, which is an Abu Dhabi firm. This clearly indicates that the UAE is striving to introduce gambling locally, even though the kingdom will exclusively focus on foreigners, and use its location and geopolitical heft to attract visitors.
Two heavyweights from the United States are supervising the licensing process and both offer years of experience within the sector. This includes Kevin Mullally who is an ex-Missouri regulator and the CEO of the new regulator, and Jim Murren who is a former MGM Resorts executive and the new Chairman of the board. Individual licenses for gaming employees and key persons will also be issued according to the GCGRA website.
The gambling regulator website even features a dedicated section for responsible gambling. In a recent press release, Jim DeCree, a CBRE Institutional Research Analyst, stated that the UAE suggested licensing model is similar to Nevada as opposed to the concession models located in Singapore and Macau.
Analysts Excited About Future Developments
The latest developments are already more attractive for Western companies. However, the number of casinos that would be allowed in is still undetermined. For the time being, Wynn has taken the first pick.
Jim DeCree stated that the UAE is seen as the next gaming frontier and believes that the kingdom is one of the attractive gaming opportunities globally today. He also mentioned that the GCGRA is overseen by experienced and well-known gaming veterans who are working expeditiously to develop industry-leading regulations that are finally becoming visible.
The Al Marihan island and Wynn Marijan Resort should be completed in time for its 2027 planned opening as per current developments. Taking a look at the project, it's set to feature over 1,500 rooms while the gaming floor will span across 93,000 square meters. The upcoming resort will cost around £3.9 billion at current prices and estimates.
International Online Casinos Exit UAE Due to Regulation
Wynn Resorts believe that it will be the sole operator for several years to have a casino in the UAE. This will effectively give it monopoly on a market that could easily rake in billions when it comes to the Gulf nation. The new regulations that are on the horizon will require online operators to obtain a license when it becomes available. There are several international online casinos that have made the decision to exit the UAE due to the upcoming licensing rules, including 888 online casino. We expect more casinos to follow this route when the new compliance principles come into effect.
