{"id":329766,"date":"2024-09-05T19:10:43","date_gmt":"2024-09-06T00:10:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=329766"},"modified":"2024-09-06T09:27:54","modified_gmt":"2024-09-06T14:27:54","slug":"wynn-uae-casino-plan-has-budding-momentum","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/","title":{"rendered":"Wynn UAE Casino Plan Building Momentum"},"content":{"rendered":"

Wynn Resorts\u2019 (NASDAQ: WYNN) plan to build the United Arab Emirates\u2019 (UAE) first casino resort is widely known — construction is already underway — but investors have yet to ascribe much value for that project into the stock’s share price.<\/p>\n

\"Arabian
Al-Marjan Island in the UAE is the site of a proposed Wynn casino. There’s increasing momentum for allowing casino gaming in the Emirates. (Image: Hotelier Middle East<\/em>)<\/figcaption><\/figure>\n

They may want to rethink that view because there are emerging signs that momentum is building for the Wynn Al Marjan Island integrated resort in Ras Al Khaimah. For example, Wynn management is hosting an investor day in Las Vegas early next month.<\/p>\n

In a new report to clients, JPMorgan analyst Joseph Greff said that could be a positive sign because it could imply UAE regulators are preparing to officially approve casino gaming.<\/p>\n

The fact that management is willing to host a three-hour investor meeting could likely imply that regulations and licence issuance are imminent,\u201d wrote Greff. \u201cWe don\u2019t look at this as a derisking event, but rather one in which equity investors can start to ascribe the currently discounted equity value related to the project.\u201d<\/p><\/blockquote>\n

The General Commercial Gaming Regulatory Authority (GCGRA), the UAE’s first gaming regulatory agency, was formed last year and in July, approved a lottery license for an Abu Dhabi-based company. That sparked hope the authority would sign off on a casino license<\/a> for Wynn. Some investors are waiting on that approval because the economics of Wynn Al Marjan Island are significantly more attractive when a casino is included.<\/p>\n

More Positive Signs for Wynn’s UAE Casino<\/h2>\n

Potential near-term approval of a UAE-issued gaming license for Wynn could be a boon because competitors are eager<\/a> to test the region. The Wynn property is scheduled to open in early 2027, indicating that it would have a temporary monopoly should it win a casino permit because it\u2019s further along than any venue that could be considered competition.<\/p>\n

\n

Wynn Al Marjan Island is poised to become the first regulated casino resort anywhere in the Arab world — a status not lost on analysts and investors. That makes optics and public relations, particularly among locals, critical because wagering isn\u2019t viewed in a favorable light in many countries in the region. Data indicate attitudes are shifting in the UAE.<\/p>\n<\/div>\n

\u201cIn September 2023, the UAE establishing the General Commercial Gaming Regulatory Authority (GCGRA), signaling the country\u2019s intent to regulate and potentially legalize certain forms of gambling. Since that announcement, public curiosity has surged, with online searches for gambling-related terms increasing by 54.38%,\u201d according to Dubai Casinos.<\/p>\n

The research group added that, on average, each marquee news event<\/a> pertaining to wagering in UAE sparks a 12.54% increase in related internet searches among citizens of the Emirates.<\/p>\n

Interest is There for UAE Casinos<\/h2>\n

While Wynn Al Marjan Island<\/a> is positioned as a tourist destination with gaming space occupying a scant percentage of overall square footage, it\u2019s clear there\u2019s burgeoning interest among locals in land-based gaming venues.<\/p>\n

This is evident in the steady search volume for \u2018Casino in Dubai\u2019 and \u2018Ras Al Khaimah Casino,\u2019 suggesting that the public is eager to learn more about the possibility of brick-and-mortar gaming venues in these areas,\u201d added Dubai Casinos.<\/p><\/blockquote>\n

Regulators haven\u2019t commented on whether or not there will be limitations on local visitation to UAE gaming venues, but that could be a difficult, impractical task owing to the vast oil wealth in the Emirates.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts\u2019 (NASDAQ: WYNN) plan to build the United Arab Emirates\u2019 (UAE) first casino resort is widely known — construction is already underway — but investors have yet to ascribe much value for that project into the stock’s share price. They may want to rethink that view because there are emerging signs that momentum is […]<\/p>\n","protected":false},"author":46,"featured_media":262648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[81913,81897],"acf":[],"yoast_head":"\nWynn UAE Casino Plan Has Budding Momentum<\/title>\n<meta name=\"description\" content=\"Wynn UAE Casino Plan Has Budding Momentum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn UAE Casino Plan Has Budding Momentum\" \/>\n<meta property=\"og:description\" content=\"Wynn UAE Casino Plan Has Budding Momentum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-06T00:10:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-06T14:27:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/WynnMarjan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/\",\"name\":\"Wynn UAE Casino Plan Has Budding Momentum\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/WynnMarjan.jpg\",\"datePublished\":\"2024-09-06T00:10:43+00:00\",\"dateModified\":\"2024-09-06T14:27:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn UAE Casino Plan Has Budding Momentum.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-uae-casino-plan-has-budding-momentum\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/WynnMarjan.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/WynnMarjan.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Al-Marjan Island in the UAE -- the site of a proposed Wynn casino. 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