The UAE has established a regulatory body that will be responsible for creating a framework for the legal gambling sector. [Image: Shutterstock.com]
Big move
The UAE has created a new federal authority responsible for regulating the new gaming sector. This represents the latest step towards the country becoming the first Gulf country to introduce legal casino gambling, despite being an Islamic country.
Local media announced the news on Sunday night, stating that the main goal of the General Commercial Gaming Regulatory Authority (GCGRA) will be to create a “world-leading regulatory framework” for commercial games and national lotteries.
It did not disclose any immediate plans to introduce legal casino gambling
While government officials have not disclosed any immediate plans to introduce legal casino gambling, bloomberg I reported that lawyers, consultants and casino operators close to the matter said early discussions had taken place.
Onboard experience
Jim Morin, former CEO of MGM Resorts International, is Chairman of the Regulatory Authority’s Board. The new entity’s CEO is Kevin Mulally, who brings nearly three decades of experience in the sector. He has worked for the testing and certification company Gaming Laboratories International for over 17 years and was previously Executive Director of the Missouri Gaming Commission.
The main tasks of the GCGRA will be to “coordinate regulatory activities and licensing management at the national level and facilitate the responsible release of the economic potential of commercial games.”
Experts estimate that the legal gaming sector in the UAE could generate annual revenues of up to $6.6 billion, which eventually surpasses Singapore. The UAE has considered various forms of liberal reforms to maintain its status as a center for finance, tourism and trade in recent years.
Casino companies line up
Interest is growing regarding the possible introduction of commercial gambling to the UAE. Wynn Resorts already has plans to develop a $3.9 billion casino resort in Ras Al Khaimah, which is about 45 minutes from Dubai.
The planned completion date for the property is 2027
Wynn will reportedly cover 40% of the development costs, while local government partners will take care of the rest. The planned completion date for the property is 2027. On an August earnings call, Wynn Resorts CEO Craig Billings said the company expects to obtain a license in the near future.
Other casino companies are also beginning to plant roots in the UAE. Caesars Entertainment owns a non-gaming resort in Dubai, while MGM Resorts plans to develop a hotel and entertainment facility in the area.
