The UAE Prepares To Legalize Gambling With Brand-new Regulatory Body
Abu Dhabi CNN -
With its glitzy luxury resorts and a world-renowned horse racing industry, the United Arab Emirates soon might have a brand-new card to play in attracting visitors - gambling.
The UAE presented a new regulatory body to manage commercial video gaming on Monday, comprised of gambling establishment and gambling experts from the United States. Gambling is currently unlawful in the UAE, where some laws are based on the Quran, which prohibits the practice.
The brand-new federal body, called the General Commercial Gaming Regulatory Authority (GCGRA), would produce a "regulative structure for a nationwide lottery game and industrial gaming," according to Emirati state media WAM.
" [GCGRA will] assist in opening the financial capacity of commercial video gaming responsibly," WAM stated.
Industry veterans Kevin Mullally and Jim Murren have actually been worked with for key roles as CEO and chair respectively in the GCGRA, according to WAM.
The 2 executives have a combined 32 years of experience in the gambling market according to LinkedIn - Murren is the previous CEO of MGM Resorts International (MGM), while Mullally held various positions at Gaming Laboratories International.
"I eagerly anticipate developing a robust regulatory body and structure for the UAE's lottery and gaming industry," Mullally said on his brand-new visit, according to WAM.
In 2015, gambling establishment operator Wynn Resorts tattooed an offer to develop a luxury resort in Ras Al Khaimah in the United Arab Emirates with a "gaming location." A statement by Wynn Resorts (WYNN) did not elaborate on whether would be involved, however Craig Billings, CEO of Wynn Hotels, informed shareholders in an earnings get in touch with August 9 that the resort expects to have a license for gaming operations in Ras Al Khaimah "imminently."
"There should be no issue that there is a wider legalization procedure in order for video gaming to take place because residential or commercial property," Billings informed shareholders.
Global gambling establishment business Caesars Entertainment (CZR) has actually run a non-gambling hotel in Dubai given that 2018.
Legalized gambling in the UAE would likely be of interest to cruise liners such as MSC and Royal Caribbean Cruise, which frequent the UAE's ports with casinos on board. But gambling is restricted in UAE waters, so casinos are prohibited from running while docked, according to Costa Cruises and Oceania's FAQ pages.
Dubai prides itself as the "cruise hub of the region," harboring 1,750 cruise ships each year. The UAE's capital Abu Dhabi saw a record variety of 700,000 cruise travelers between May 2022 and 2023.
Overall tourist currently represents 9% of the UAE's GDP. If 1.6% of the UAE's GDP was based on gaming - as it is in Singapore - it would generate $6.6 billion dollars of profits every year, Bloomberg experts reported on Monday.
