How Wynn's $3.9B Resort Could Spark a $7B Economic Boom

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The UAE is moving closer to legalizing gambling, a significant development marked by Wynn Resorts' receipt of the country’s first commercial gaming operator license. Wynn, a Las Vegas-based hotel and casino giant, is building a $3.9 billion integrated resort on Ras Al Khaimah's Marjan Island, set to open in 2027. This project includes a “gaming area,” fueling speculation about the legalization of gambling in the Gulf state, where Sharia law, which prohibits gambling, serves as the basis for legislation.

The potential economic impact of legalized gambling is substantial. According to Bloomberg Intelligence, gaming revenue could contribute 1.3% of the UAE’s gross domestic product (GDP), or about $6.6 billion, surpassing Singapore’s gaming market. If the sector reaches 1.6% of GDP, it could hit over $7 billion. The development is expected to drive tourism and investment, transforming Ras Al Khaimah from a largely overlooked area into a hub for luxury resorts, shops, and high-end villas.
Other regions in the UAE are also exploring the gaming industry. Abu Dhabi is considering casino developments on Yas Island, a major tourist destination known for Ferrari World, Warner Bros. theme parks, and the Formula One Circuit. Several international gaming firms, including MGM Resorts and Genting, are showing interest in entering the UAE market.

Wynn has already invested $514 million in its UAE project and plans to reveal more details soon. Analysts have upgraded Wynn’s stock, citing the UAE project as a major growth opportunity. The legalization of gambling is expected to provide a significant economic boost to the UAE, further positioning the country as a key player in global tourism and finance.

With the UAE legalizing gambling and major resorts like Wynn entering the market, how do you think this will affect real estate investment opportunities in areas like Ras Al Khaimah and Abu Dhabi—is this the beginning of a major property boom?

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Source: https://www.bloomberg.com/news/newsletters/2024-10-07/uae-casinos-wynn-gets-gaming-license-as-it-builds-ras-al-khaimah-resort