After receiving the recent green light from the General Commercial Gaming Regulatory Authority (GCGRA), Wynn Resorts has high expectations in its new gaming market. Before now, gambling in the UAE was a criminal offense, and offenders could serve up to two years imprisonment and pay a fine. Gamblers were restricted and could only play games via some of the best online casinos in the UAE, which are based overseas thanks to the country's gambling laws being some of the strictest in the world.
With the recent relaxation of gaming laws in the United Arab Emirates, businesses are now venturing into the casino industry. Wynn Resorts, as the first recipient of a Commercial Gaming Facility Operator license, is set to become a major attraction in Ras Al Khaimah (RAK) with its Wynn AI Marjan Island. This shift in regulations is expected to significantly boost the UAE's tourism industry, attracting a new wave of visitors interested in the gaming experience.
The multi-billion dollar ongoing project is expected to have an entire floor dedicated to gaming and be open for business in early 2027. Once operations begin, Wynn is predicting significant gaming revenue from the new luxurious resort. With a base expectation of $1.33 billion, the company is expecting to record gross gaming revenue between $1 billion and $1.67 billion. The licensee revealed the details during an investor presentation following the approval.
Furthermore, Wynn clarified rumors about its blended tax rates. The UAE's first casino licensee said that it will pay a blended tax rate between 10% and 12% GGR. Although the information is not specific, the range is lower than initial predictions, which include a 25% GGR levy for slots, 18% for tables, and 8% for VIP players.
Wynn anticipates its project to be the 'first integrated gaming resort in the Middle East North Africa region' and the casino to be one of the largest in the world. This development is set to significantly boost tourism in the UAE, particularly in Ras Al Khaimah. The addition of Wynn Resorts is expected to attract more foreign visitors, with overnight visits to Ras Al Khaimah projected to surge from 4.3 million in 2023 to 9.6 million by 2030.
This is a major shift for UAE residents who previously had to rely solely on online casinos due to stringent government laws. Despite the increasing number of businesses receiving approval for casinos in the Emirates, many players still prefer the convenience of remote gaming. While caution is advised due to the presence of fake sites, there are authentic online casinos with enticing offers and a wide range of games available to UAE players. Notably, gamblers are strongly advised to patronize licensed operators only. The gaming industry in the UAE is strictly regulated, and violators may be subject to penalties. Simlarly, it is crucial for operators to go through the licensing process before operating within the jurisdiction, ensuring a safe and fair gaming environment for all.
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