The first commercial casino license in the history of the United Arab Emirates (UAE) and the Middle East in general has been awarded to Wynn Resorts (NASDAQ: WYNN), opening the door for Wynn Al Marjan Island to have a gaming establishment.

The General Commercial Gaming Regulatory Authority (GCGRA), the first gaming regulatory body in the United Arab Emirates, authorized a commercial gaming facility operator permit, the Las Vegas-based gaming business announced late Friday. The Wynn operator claimed to have received the license following a "diligent and extensive review" by the regulatory agency, but the GCGRA, which was established last year, has not released a statement on the approval.

"Wynn Resorts thanks the GCGRA for the confidence and trust the license grant signifies and is proud to be the recipient of the first commercial gaming facility license in the UAE,”

Located in Ras Al Khaimah, the $3.9 billion Wynn Al Marjan Island has been under construction for several months and is anticipated to open in early 2027. The gambling company and RAK Hospitality Holding have partnered to develop the facility.

Wynn UAE Casino Could Reshape Gaming Industry

For decades, regulated gaming has been beyond bounds in the Middle East, but recent developments indicated the UAE could break that taboo. These include the establishment of the GCGRA in 2023 and the lottery license granted to an Abu Dhabi-based business in July.

Despite its financial commitments to the project being below $1 billion, Wynn took a risk on the UAE venture without knowing if a casino license would eventually be awarded. That risk was reaffirmed. 

In the long run, Wynn's decision may turn out to be foresighted, as some experts think the UAE casino sector could yield up to $5 billion in yearly gross gaming revenue (GGR) once it reaches maturity. The emirates appeal to gaming firms because of their immense oil wealth, the increasing population of high-net-worth individuals, and the UAE’s reputation as a top tourist destination in the region. 

Furthermore, suitable global growth opportunities are difficult to find in the gaming sector. For instance, it seems improbable that Macau will increase the number of licensees, and the Singapore duopoly is secured for nearly another 30 years. 

Wynn Will Soon Announce Update on UAE Casino 

Investors may soon obtain additional information regarding Wynn's UAE casino initiative as the company is hosting an event for analysts and institutional investors on Tuesday, Oct. 8 at its eponymous integrated resort located on the Las Vegas Strip. 

“Craig Billings, Chief Executive Officer, along with other members of the Wynn Resorts global leadership team will deliver presentations, including on the resort’s expected financial performance. The Analyst & Investor Update Meeting will commence at 11:30 a.m. Pacific Time and conclude at approximately 2:30 p.m. Pacific Time,” according to a statement from the gaming company.

When the invitation-only event was revealed, analysts conjectured it indicated Wynn would receive approval for a casino license in the UAE.