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One of the seven sheikdoms in the United Arab Emirates (UAE) will allow gambling and has created a regulatory agency to oversee a multi-billion-dollar integrated-resort casino to be operated by Wynn Resorts.
The planned resort is set to open in 2026 and will be developed on the man-made Al Marjan Island in Ras Al Khaimah, the northern-most emirate in the UAE, which is dominated by Dubai. It is the first resort development to include legalized gambling on any of the seven emirates.
In a statement on Tuesday (January 25), Wynn only announced that the project would include a “gaming area”, but did not elaborate. However, the Ras Al Khaimah Tourism and Development Authority (RAKTDA) said it has created a Department of Entertainment and Gaming Regulation to oversee hotel operations, including casino gaming.
“The Department of Entertainment and Gaming Regulation within RAKTDA will consider the social, cultural, and environmental landscape of the emirate and cover licensing, taxation, operational procedures and consumer safeguards,” the agency said.
Marjan Island is a development of four reclaimed islands, with a number of hotels and residential developments. It is not known yet on which island Wynn will build its integrated resort.
The terms of the agreement were not disclosed.
“The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah,” Wynn CEO Craig Billings said in a statement.
Wynn is partnering with Marjan and RAK Hospitality Holding on the beach-front integrated resort that will feature 1,000 rooms, at least ten restaurants and a large convention center.
“The integrated development, featuring a world-class hotel, entertainment and gaming amenities, will add to the emirate’s destination strategy to attract tourists from across the world,” said Abdullah Al Abdooli, CEO of Marjan.
Al Abdooli cited Wynn Resorts' “strong track record of developing luxury destinations with exceptional accommodation, dining, entertainment concepts and gaming facilities”.
Gambling remains a rare form of entertainment in the wider Middle East and North African region, with a few casinos in Morocco, Lebanon and Tunisia. There are some 20 foreign-facing land-based casinos in Egypt, with most of the locations in Sharm el-Sheikh, Alexandria and Taba.
Caesars Entertainment operates the non-gaming Caesars Palace in Dubai, while Casinos Austria owns the Oasis Hotel Casino Resort in Jericho, but closed its casino operations in October 2000.
In Israel, former Prime Minister Benjamin Netanyahu expressed support for a plan to build several casinos in Eilat, a city in southern Israel that is dealing with economic stagnation as tourism has declined in recent years, but any casino project would require special legislation approved by the Knesset.
Tuesday's announcement is the latest signal that Wynn is returning to a core strategy of operating luxury casino-resorts.
Although the company has invested to build a presence in the U.S. sports-betting market, the New York Post reported this week that the company is now looking to sell its Wynn Interactive online casino and sports-betting business.
Craig Billings, who replaced Matt Maddox as CEO this month, told analysts during a third-quarter conference call in his role as CFO in November that Wynn no longer planned to commit significant capital resources to marketing for sports betting and was instead taking a “more measured and long-term focus to grow a healthy and sustainable business”.
Wynn operates casino-resorts in Las Vegas, Boston and Macau.
The New York Post said the company was seeking to sell Wynn Interactive, operator of WynnBET, at a valuation of $500m after previously floating a $3.2bn valuation last year when announcing a since-aborted merger with a special purpose acquisition company owned by Las Vegas Golden Knights owner Bill Foley.
The reported sale comes as WynnBET nevertheless began accepting account pre-registration and deposits in Louisiana on Tuesday in preparation for the expected launch of mobile sports betting in the state as soon as this weekend.
Already live in seven states including New Jersey, Arizona and Michigan, Wynn Interactive president Ian Williams said the company also plans to launch mobile sports betting in New York and Iowa during the first quarter of 2022
