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Wynn Resorts expects to secure UAE casino licence soon

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In a recent earnings call, Wynn Resorts CEO Craig Billings revealed that the casino operator is getting closer to securing a license in the United Arab Emirates (UAE).

The CEO believes there is nothing to be concerned about despite lack of clarity on the gambling legalization front. “While there may be conversation in other Emirates about legalisation or at federal level, thereby covering all Emirates, I expect that we will have our licence for Ras Al Khaimah actually imminently,” he said as quoted by Asia Gaming Brief.

If and when the license is received, this will be the first-ever casino resort in the UAE and can lead the way for other casinos to enter it, providing another source of revenue for the UAE government.

The over $3.9 billion project is planned to be made on the man-made Al Marjan Island in the Emirate of Ras Al-Khaimah. The company has appointed the construction partners – Marjan LLC and RAK Hospitality Holding LLC – and revealed the initial design plans. Notably, the integrated casino resort is due to open in early 2027.

The Wynn Al Marjan, as it has been named, is slated to have around 1500 luxurious rooms, villas and suites. The addition of these rooms will increase the total number in the island by 50%.

The casino operator has a 40% equity stake and will make money through management license fees as well. Billings feels that the UAE provides “the most exciting new gaming market in decades”.

Wynn Casino contributed the most to the revenues in Q2 2023

Wynn Casino was the largest source of revenue ($913 million) for Wynn Resorts as revealed in the earnings call for Q2 2023. The numbers are 153.9% higher than last year, but that is only due to the Covid-19 induced restrictions on the casino in the previous cycle.

Revenue from hotel rooms increased by 37.4% to $276.5 million along with food and beverage revenue rising by 11.8% to $257 million. Revenue for other branches like entertainment, retail and others saw an increase of 26.4% to $149.3 million.

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