The UAE is taking steps to become the first Gulf country to allow casinos, as it announced the formation of a federal authority to oversee the gaming industry.
The new body, which will be led by former MGM Resorts International CEO Jim Murren, will create a “world-leading regulatory framework” for a national lottery and commercial gaming, according to state media. The authority will also be responsible for licensing and coordinating regulatory activities across the country.
The announcement comes after Wynn Resorts Ltd., which is developing a $3.9 billion gaming resort in the UAE, said it expects to receive a license “soon”. The resort, which will feature a 1,000-room hotel, a convention center, and a golf course, is slated to open in 2025.
The UAE’s gaming market could generate up to $6.6 billion of annual revenue and surpass Singapore, which is home to the famous Marina Bay Sands resort, according to Bloomberg Intelligence. The move could also boost the country’s tourism sector, which has been hit hard by the Covid-19 pandemic.