Wynn Resorts CEO Craig Billings stated in the third-quarter earnings call that the UAE gambling market is expected to see two competitors, with Wynn advancing its integrated resort project first. The project, with an investment of $5.1 billion, is expected to open in 2027 and has significant geographical and economic advantages.
Project Overview and Investment Details
Wynn Resorts is constructing the Wynn Al Marjan Island integrated resort in the UAE, a joint venture with RAK Holdings costing $5.1 billion, scheduled to start operations in 2027. The project includes 1530 rooms, 22 restaurants, a large casino, and a yacht marina. Additionally, Wynn Group is developing the accompanying property, Janu Al Marjan Island, with an investment of $50 million, focusing on a wellness center and premium services, expected to open in 2028.
Market Prospects and Competitive Advantages
Billings anticipates two competitors in the UAE gambling market, but no competitors have been announced yet, so market estimates might be conservative. He noted that despite the small geographical area, the market has clear advantages, including high air transport capacity, a strong local market, and high GDP per capita. The resort is less than an hour's drive from Dubai International Airport, which handles over 90 million passengers annually, supporting the market potential.
Regulatory Environment and Industry Dynamics
The UAE Gambling Authority, led by former MGM CEO Jim Murren, granted Wynn its first gambling license in October 2024, valid for 15 years, with a 40% stake in the joint venture, totaling an investment of $835 million. MGM Resorts International has applied for a license in Abu Dhabi, and Murren expects the market could eventually have up to four integrated resorts, indicating potential industry growth.
————
This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
Original in-depth gambling channel:https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
