Wynn Resorts, a leading company in the gambling industry, is setting its sights on the Middle East. They’re planning to build a massive gambling venue. This venue will be even larger than Wynn Las Vegas, their current property. It’s a big project, made even bigger by its strategic location. As the first gambling property in Dubai, Wynn Resorts has a unique opportunity to corner the market and establish itself as a leader in this new market.
Potential for Expansion
But it’s not just Wynn Resorts that sees potential in the Middle East. Other major players in the Las Vegas gaming scene are also interested in entering this lucrative market. MGM Resorts International, for example, has expressed hopes to see gambling laws in the region move forward quickly and pave the way for future developments. With such strong interest from industry giants, it’s clear that the Middle East presents a unique opportunity for growth in the global gaming market.
Joseph Greff, an analyst at JPMorgan, believes that Wynn Resorts has made considerable progress. They’re moving towards getting the necessary gaming law enacted. They’re close to securing a gaming license, property level financing, and partner equity contributions. Construction is also picking up speed. Greff believes this will lead to a significant increase in investor interest and value.
But Wynn Resorts isn’t the only company with their eye on the Middle East.
Other Giants in the Race
MGM Resorts International, another giant in the industry, has plans of its own. They initially want to establish a non-gaming property in Dubai. They’re hoping to expand it into a casino if local authorities allow it.
However, Wynn Resorts still has the advantage. This doesn’t mean that there won’t be more projects in the Middle East by 2027. Especially in the United Arab Emirates. The GCGRA is working hard to draft gambling laws quickly. They might have something ready before the year ends.
This aligns with MGM’s hopes to kickstart the gambling industry in the region sooner.
The Future of Gambling in the Middle East
There’s no doubt that the Middle East presents a lucrative opportunity for the gambling industry. It’s similar to the time when British Columbia in Canada started opening up to casinos. The popularity of games like Baccarat in these new venues could lead to a significant boost in the local economy. The coming months are crucial as the Middle East gets ready to roll the dice on this new venture.