UAE Issues First Gambling License to Wynn Resorts

The General Commercial Gaming Regulatory Authority of the United Arab Emirates granted the first license for a commercial gaming operator to Wynn Resorts (WYNN.O), an operator of hotels and casinos, on Friday.

The Wynn Al Marjan Island in Ras Al Khaimah will soon house a five-star resort, according to the Las Vegas-based casino company.

According to Wynn, the project is a joint venture between RAK Hospitality Holding and affiliates of Wynn Resorts, Marjan. It is currently under construction.

Requests for comment from Reuters were not immediately answered by RAK Hospitality Holding, RAKTDA, or the government communications office of Ras Al Khaimah.

After years of rumors that the UAE would legalize gambling, which is prohibited throughout the conservative Gulf region, the country last month established a federal body to oversee the gaming industry and appointed veterans of the American gaming industry to head it.

The legalization of gambling is happening in the midst of escalating economic rivalry in the Gulf, particularly with Saudi Arabia. In an effort to keep its position as the financial, trade, and tourism center of the region, the UAE unveiled a number of liberal legal reforms last month.