After receiving a gaming licence from UAE authorities, a multibillion-dollar mega resort in Ras Al Khaimah that is being developed by a large US hotel operator hopes to draw extremely wealthy customers and global travellers.
In an investor report released on Tuesday night, Wynn Resorts, the operator of upscale hotel complexes in Las Vegas, Boston, and the Chinese enclave of Macau, stated that the United The most exciting market for integrated resort development in decades was the Arab Emirates.
According to the source, the $3.8 billion Wynn Al Marjan Island resort in Ras Al Khaimah aims to attract high-end gaming clientele from abroad in addition to capturing untapped domestic gaming demand from the UAE’s sizable expat community.
Wynn stated that the five-star facility’s construction was moving forward quickly, with an opening date of 2027. It stated that it anticipated meaningful long-term economic benefits to Ras Al Khaimah from the resort.
The General Commercial gambling Regulatory Authority of the United Arab Emirates issued a gambling licence, according to the hotel developer and operator, which was relevant to their Ras Al Khaimah facility.
According to Wynn, the licence was granted after a thorough and in-depth review by the GCGRA.
Wynn Resorts acknowledges that it is an honour to have been granted the first licence for a commercial gaming establishment in the United Arab Emirates and thanks the GCGRA for its confidence and support.
The GCGRA confirmed to The National on Tuesday that a licence had been issued.
With 1,500 rooms, suites, and villas, the resort will boast views of the Arabian Gulf. It also features two dozen restaurants, a spa, an event centre, and a theatre.
The corresponding agencies in the US also use the term “gaming” in the same manner.
Wynn’s maiden trip to the Middle East is garnering a lot of interest already. In addition to having 23 km of beachfront and more than 7.8 km of immaculate beaches, Marjan Island is a development made up of four reclaimed islands that also feature top-notch hotels and residential buildings.
Wynn, which is best known for its casino hotel resorts in Boston, Macau, and Las Vegas, anticipates that the project will generate at least 4,000 employment and serve as the emirate’s next “catalyst” for tourism. The Ras Al Khaimah Tourism Development Authority’s chief executive, Raki Phillips, claims that the economic benefits will be massive, drawing jobs and foreign direct investment as The National previously reported.
September of last year saw the establishment of the authority. As the federal body in charge of commercial gaming operations in the United Arab Emirates, it is headed by veterans of the gaming business.
A licence for the nation’s first authorised lottery was granted to officials in the United Arab Emirates in July. It will be operated by The Game LLC under the UAE Lottery brand and is expected to offer a large assortment of games.
The GCGRA said that this was a “pivotal” step for the nation, so further details about how to play should be available soon.
The GCGRA’s chief executive, Kevin Mullally, stated at the time that the regulatory framework of the organisation was created to guarantee the honesty, equity, and openness of commercial gaming operations in the nation, which include lottery games.
The first two licences from the authority were granted months after certain prize draw operators in the UAE were forced to halt operations in January.
At the time, one of the operators claimed that the halt was due to an industry wide mandate that aligned with the new function of establishing a nation-wide gaming environment that was well-regulated.
Prior to this action, prize draws have attracted a growing number of participants in the hopes of striking it lucky.Ever since its establishment, the GCGRA has endeavoured to furnish a regulatory structure that safeguards both consumers and stakeholders.
It was emphasised that it is against the law to participate in, carry out, or permit commercial gambling activities in the United Arab Emirates without permission from the GCGRA, and that violators risk harsh consequences. It’s against the law to pretend to be a customer through unregistered operators.
On its website, the GCGRA states that it is the only organisation authorised to control, licence, and oversee commercial gaming operations and facilities in the United Arab Emirates. These include lotteries, online gambling, sports betting, and integrated gaming resorts with a physical location.
Any game of chance, or mix of skill and chance, in which a certain amount of money, either in cash or cash equivalents, is gambled (made as a bet) with the hope of winning a large quantity of money or other valuable objects, is referred to as commercial gaming.
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