Wynn Resorts CEO Craig Billings estimated the UAE gaming market GGR could reach volumes ranging from $5 to $8 billion.
Billings discussed the company’s strategic expansion into the United Arab Emirates during an interview with CNBC’s Jim Cramer, highlighting the region’s robust market opportunities.
The UAE issued Wynn its first commercial gaming operator’s license last year, allowing the company to develop the Wynn Al Marjan Island casino resort in Ras Al Khaimah, which aims to cater to the local market.
The project will cover approximately five million square feet, featuring 1,500 hotel rooms, over 25 dining options, a substantial gaming floor, and a unique production show being created from scratch.
He emphasized the region’s wealth, affluence, and growing population as key drivers for the project, which is set to open in 2027 and has already reached the 42nd floor in construction. Wynn Resorts holds a 40-percent stake in the project, partnering with Marjan LLC and RAK Hospitality Holding LLC.
Additionally, Wynn has secured an exclusive, renewable 15-year casino license for Ras Al Khaimah, with projections indicating the property could generate at least $1.33 billion annually in gross gaming revenue.
Billings noted that the resort’s location is just 50 minutes from Dubai International Airport, enhancing its accessibility.
In the UK, Wynn is also moving forward with the acquisition of Crown London (Aspinalls), a members-only casino in Mayfair, which Billings described as a strategically significant move to enhance the brand’s customer database and strengthen ties with patrons who frequent both London and the UAE.
He expressed confidence in the UAE market’s stability, stating that Wynn will be the sole operator for a significant period and that the region offers substantial potential for growth.
