According to CEO, Craig Billings, Wynn Resorts believes that it will enjoy exclusivity of casino operations within the United Arab Emirates for several years, effectively giving it a monopoly on a market that could be worth billions.
Speaking during a scheduled earnings call, Billings said: “It will likely be us and us alone for a multiyear period. After that, it may be a duopoly or an oligopoly of three.”
The formation of the General Commercial Gaming Regulatory Authority (GCGRA) to regulate and establish guidelines for the country’s gaming industry prompted speculation that widespread gaming might result.
But Craig Billings does not agree: “We believe it highly unlikely that every emirate will ultimately avail themselves of the right to host an integrated resort.
“There’s a whole bunch of reasons for this, ranging from cultural nuances to population density, to varying degrees of need for the additional visitation.”
While other major operators remain uncertain, Wynn are already waiting for licenses to proceed, confident that they will be able to “move forward with the construction financing relatively quickly.”
The Wynn Al Marjan Island is expected to open in Ras Al Khaimah in 2027. It is estimated that it will cost up to $3.9bn to build and launch, with annual revenue projections thought to be around $600m.