Wynn Resorts Ltd. said it expects to soon obtain a gaming license in Ras Al Khaimah, a northern part of the United Arab Emirates near Dubai, raising hopes for what could be the Gulf region’s first casino resort.
Construction of the company’s $3.9 billion gaming resort is underway at the Al Marjan island of Ras Al Khaimah, Chief Executive Officer Craig Billings said on an earnings call Thursday. While there’s still no clarity about whether the UAE will legalize gambling for the entire country, Billings said the company isn’t worried.
“There should be no concern that there is a broader legalization process that needs to occur in order for gaming to occur in that property,” he said. “While there may be conversation in other emirates about legalization or legalization at the federal level, thereby covering all emirates, I expect that we will have our license for Ras Al Khaimah actually imminently.”
Calling the UAE “the most exciting new gaming market in decades,” Billings said the project — where Wynn holds 40% of equity ownership and will also receive income from management license fees — will drive a healthy return on investment for shareholders.
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