The UAE appears to be nearing the completion of a comprehensive regulatory framework, signaling the imminent launch of the Wynn Resorts’ Al-Marjan Island project.
In accordance with the analysts at JPMorgan, there is a growing belief that the recently established regulatory entity, the GCGRA, is poised to accelerate its actions beyond initial expectations. It is likely that this authority will soon introduce legislation facilitating the introduction of gambling.
The regulatory body expanded its team by bringing in highly experienced industry professionals, a move that should theoretically streamline the authority’s operations.
So, JPMorgan appears to lean towards the belief that the Gambling Commission is motivated to expedite the process to ensure that all the necessary details are finalized, guaranteeing the timely arrival of the $3.9-billion resort led by Wynn, as per its scheduled launch date.
The upcoming project is anticipated to boast a larger gaming area compared to Wynn Las Vegas, making it an even more significant endeavor, particularly due to its strategic geographical location.
JPMorgan Analyst, Joseph Greff commented:
We believe that significant strides are being made in the enactment of gaming laws, the issuance of gaming licenses, securing property-level financing, and accelerating construction through partner equity contributions. Consequently, we anticipate that investors will begin to evaluate and attribute the net equity value to this venture.
Certainly, Wynn Resorts is not the sole contender seeking a foothold in what is poised to become one of the most lucrative opportunities in the gambling industry.
MGM Resorts International is also considering establishing a non-gaming property in Dubai initially, with hopes of potential expansion to include a casino should local authorities approve such a transition.
While Wynn Resorts is currently in a favorable position, it’s worth noting that by 2027, more projects could be in progress within the Middle East, particularly in the United Arab Emirates. The General Commercial Gaming Regulatory Authority (GCGRA) appears inclined to expedite the process and may present at least a draft of gambling laws in the upcoming months, possibly before the year concludes.