The United Arab Emirates (UAE) is on a mission to become one of the most exciting destinations for gaming, and their lofty ambition is backed by some of the most powerful stakeholders in the world.
The UAE is famous for its oil wealth, but they have put plenty of effort into reinventing themselves as a global gaming powerhouse. Read on as we take a closer look.
The Wynn Project: UAE’s Crown Jewel in Gaming
The Wynn Resort project is one of the most anticipated new ventures in the UAE, and it is set to be the cornerstone of the country’s plans for the gaming industry.
The project was initially expected to cost $3.9 billion, but the ongoing construction could eventually total north of $5.1bn. However, they outlay is merely a drop in the ocean compared to the revenue Wynn and the UAE government expect to generate once the luxury resort opens its doors in 2027.
Since the target audience is primarily ‘ultra-high-net-worth’ individuals, visitors can expect a state-of-the-art gaming facility, five-star hotel suites and high-class dining options.
The resort is expected to house the first-ever land-based casino in the Middle East, even though the laws of the land have traditionally prohibited gambling.
However, the UAE are pushing ahead with the plan and have even awarded the country’s first-ever commercial gaming facility operator’s licence. The move has been anticipated since the UAE awarded its first lottery licence.
Wynn has not opened its doors yet, but there are already talks of another luxury resort in the country, although the laws of the land will likely restrict them to just one casino per Emirate.
Experts predict that the growing demand for luxury experiences in the Middle East could play into the UAE’s hands, with the resort expected to generate considerable non-gaming revenue.
The resort is still under construction, but there is already plenty of interest from local and international investors, which suggests that the UAE is poised to reap untold benefits from the eagerly awaited project.
The UAE has always taken a proactive stance in their bid to diversify the economy, so the project is a huge deal. It will help them maintain their edge as the region’s trade, tourism and financial hub, but it will also be heavily regulated.
The Resort Ends Speculation About the UAE’s Stance on Gambling
The UAE has established a federal entity to regulate gambling and hired veterans of the United States market to lead the country into a new era.
Online gambling still hasn’t officially been legalised in the UAE, but the Wynn project is a clear indication that their flexible stance on the subject could affect digital platforms.
The operators listed on comparison website casino.com/ae/en/ currently operate within the UAE’s borders, but they are licensed and regulated in other jurisdictions.
However, having taken steps to establish a framework for legalised land-based gambling, it is only a matter of time before similar moves are made to regulate online sites.
Once the Wynn resort is up and running, online casinos will likely be required to apply for a licence in the UAE and will be forced to work in a heavily regulated environment.
eSports is a Key Part of the UAE’s Gaming Plans
The UAE is also working towards becoming a big-hitter in eSports – a move which is fuelled by natural links to the gaming and betting industries.
Dubai hosted an eSports festival in May that attracted players and teams from every corner of the globe, highlighting the UAE’s potential to become a premier destination for professional gaming.
With eSports becoming more popular in the UAE, betting sites have had increased demand for eSports wagering which has forced them to expand their offerings.
Betting on eSports is already a huge deal in markets such as the United Kingdom and United States. It attracts a younger demographic, many of whom may not typically engage in sports betting.
The UAE is on course to follow the same pattern, which would boost its hopes of diversifying its economy away from the revenue generated by the energy sector.