Mideast Money

UAE’s $7 Billion Gaming Jackpot Draws Closer With Wynn License

Rendering of Wynn Al Marjan Island.Source: Hand-out/Wynn Resorts, Limited

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By Adveith Nair

October 7, 2024 at 11:22 AM UTC

Welcome to the Mideast Money newsletter, I’m Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here.

This week, Ray Dalio and Abu Dhabi’s G42 shelve an investment venture, UAE stock markets close in on $1 trillion, and Dubai’s luxury real estate boom. But first, let’s look at the state of play on gambling in the UAE.

Ever since Las Vegas-based hotel and casino operator Wynn Resorts unveiled plans to set up a multibillion-dollar resort off the coast of the United Arab Emirates — complete with what the firm called a “gaming area” — speculation has swirled over when the Gulf country would legalize gambling.