In the shimmering tapestry of opulent leisure that drapes the United Arab Emirates, a new thread may soon be woven with the lustrous sheen of casino resorts, vying to rival even the grandeur of Singapore’s own gaming havens. Morgan Stanley analysts, peering into their financial crystal ball, prognosticate a windfall of annual gross gaming revenue (GGR) that could swell between $3 billion to $5 billion.
Wynn Resorts, a titan in the realm of chance and luxury, has pierced the sands with the foundations of what promises to be the first regulated casino hotel within the Arab world’s embrace. This glittering oasis, named Wynn Al Marjan Island, is taking root in Ras Al Khaimah and is poised to bloom by early 2027. With aspirations high, its yearly GGR might reach an astonishing $1.4 billion upon maturity.
Down the windswept dunes, MGM Resorts International casts its own dice, gambling on the prospects of nabbing a gaming license in the alluring arms of Abu Dhabi.
Analyzing the potential of this gaming paradise, Morgan Stanley draws parallels between the vibrant markets of Ras Al Khaimah and its buzzing neighbor Dubai, with the success stories of Singapore’s casino ventures. Factors such as burgeoning tourism, a wealth of five-star accommodations, and a population teeming with potential players offer a strong argument for a jackpot on the invested capital.
Yet, the House has yet to deal all its cards. The regulatory odyssey through which the UAE tiptoes has yet to clarify the number of gaming palaces it will allow, not to mention whether the citizens themselves will be permitted to join the spectacle of speculation.
Should the tides of regulation flow favorably, and should more integrated resorts grace the landscape than the duo currently gracing Singapore, the $5 billion ceiling may well be breached. And with eyes gazing toward the horizon, Bill Hornbuckle, the helmsman of MGM, hints at a future where as many as four such bastions of gaming may dot the vast desert.
A curious consideration lies in who will step through the polished doors of these potential temples of fortune. The forecast suggests a mosaic of international visitors, primarily from Europe and Southern Asia, may constitute the core patrons.
Key to unlocking this treasure chest is the participation of the local gentry. The UAE is no stranger to wealth, its veins pumped full of oil riches—though fewer millionaires walk its streets than in Singapore, the rise of high net worth individuals eclipses its Southeast Asia counterpart.
Yet, in this gambit for regional dominance, Morgan Stanley reassures that the gaming goliaths rising in the UAE are not destined to devour the clientele of established casinos in other realms. The firm reflects on the historical data from the unleashing of Singapore’s two casino behemoths in 2010: far from eroding territories, they coincided with a 42-percent spike in Macau’s GGR the following year—an optimistic portent for this desert venture.
And so, as the dice roll across the hot sands of the UAE, the stakes reach high, and the promise of a new haven for high rollers and casual players alike lays etched in the future’s uncertain yet hopeful landscape.