JP Morgan: Construction of the First Casino in UAE to Begin in Coming Weeks
Lina Almans
21 June 2022
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According to financial conglomerate JP Morgan, construction on Wynn Resorts’ project in Ras al-Khaimah (UAE) is set to begin in the coming weeks. GGR Asia reports that JP Morgan’s information is based on comments made by Wynn Resorts CFO Julie Cameron-Doe.
The American casino operator’s Middle East project was first announced in January 2022 and is expected to cost $2 billion to launch.
Wynn Resorts is both a shareholder and the casino operator for the project.
Meanwhile, work is underway in the emirate to regulate gambling legislation.
Marjan Properties and RAK Hospitality Holding LLC, both based in Ras al-Khaimah, are Wynn Resorts’ partners in the project.
The first gambling establishment in the UAE is set to open in 2027.
It’s worth noting that the Wynn Resorts project is unique for the region, where gambling is predominantly prohibited for religious reasons. Therefore, there is a possibility that the casino in Ras al-Khaimah will be exclusively for foreigners.
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