Skift Take
Despite the go-slow approach, the top regulator still sees parallels with Vegas’ growth trajectory.
Don’t expect a flurry of new casino licenses in the UAE. That was the message Wednesday from the country’s top gaming regulator at Skift Global Forum East 2024.
“The process is moving very deliberately here. The government has been very clear it wants a state-of-the-art, very compliant, very rigorous regulatory regime. Nothing we’re doing will rush that,” said Jim Murren, chairman of the General Commercial Gaming Regulatory Authority (GCGRA). “That is incredibly important to the government. You will see other licenses, but we’re focusing on operators we’ve already licensed.”
Wynn Resorts landed the first gaming license for a project in Ras Al Khaimah in October.
“Weâll see other integrated resorts in the UAE over the next five to 10 years, but Wynn has the head start,” Murren said.
Murren’s response was to a question as to whether Atlantis Dubai would be allowed to open a gaming space.
Outside of Wynn, GCGRA has given out licenses for the national lottery and a handful of gaming equipment vendors.
CBRE estimates the gross addressable market of casinos in the UAE at upwards of $8.5 billion. This would suggest the UAE casino market would be similar in size to the Las Vegas Strip and 50%-70% larger than Singaporeâs current casino industry.
Like Vegas 30 Years Ago
Murren is also CEO of the Ritz-Carlton Yacht Collection, and was previously CEO of MGM Resorts. He likened the UAE’s journey through entertainment tourism to how he saw Las Vegas first 30 years ago.
“One reason I am moving here is because I see the same kind of growth in sports and entertainment as I saw in Vegas 30 years ago. Thereâs such great vision in this country in terms of infrastructure. The private sector is doing its part in terms of building integrated resorts too.”
“I can envision other entertainment products being here, but the confluence of sports, entertainment, and hospitality is an important trend that will continue.”
CBREâs estimate assumes a âreasonably penetrated market with sufficient gaming supply.â However, it is suspected the market will likely remain supply-constrained initially with two or three casinos, possibly limiting the full potential of the market.
