The UAE Prepares To Legalize Gambling With Brand-new Regulatory Body
Abu Dhabi CNN -
With its flashy luxury resorts and a world-renowned horse racing market, the United Arab Emirates quickly may have a new card to play in bring in visitors - gaming.
The UAE presented a new regulative body to supervise business video gaming on Monday, made up of casino and gaming experts from the United States. Gambling is currently illegal in the UAE, where some laws are based on the Quran, which prohibits the practice.
The new federal body, called the General Commercial Gaming Regulatory Authority (GCGRA), would develop a "regulatory structure for a national lottery and business video gaming," according to Emirati state media WAM.
" [GCGRA will] help with unlocking the economic potential of business gaming responsibly," WAM said.
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 two 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 different positions at Gaming Laboratories International.
"I look forward to developing a robust regulatory body and structure for the UAE's lottery and gaming industry," Mullally stated on his new visit, according to WAM.
Last year, casino operator Wynn Resorts tattooed a deal to develop a luxury resort in Ras Al Khaimah in the United Arab Emirates with a "video gaming location." A declaration by Wynn Resorts (WYNN) did not elaborate on whether gaming would be involved, however Craig Billings, CEO of Wynn Hotels, informed shareholders in an earnings contact August 9 that the resort anticipates to have a license for video gaming operations in Ras Al Khaimah "imminently."
"There ought to be no concern that there is a wider legalization procedure in order for video gaming to take place because home," Billings told shareholders.
Global gambling establishment business Caesars Entertainment (CZR) has actually operated a non-gambling hotel in Dubai since 2018.
Legalized gaming in the UAE would likely be of interest to such as MSC and Royal Caribbean Cruise, which frequent the UAE's ports with casinos on board. But gaming is forbidden in UAE waters, so casinos are restricted from running while docked, according to Costa Cruises and Oceania's FAQ pages.
Dubai prides itself as the "cruise hub of the area," harboring 1,750 cruise liner each year. The UAE's capital Abu Dhabi saw a record number of 700,000 cruise tourists in between May 2022 and 2023.
Overall tourism currently represents 9% of the UAE's GDP. If 1.6% of the UAE's GDP was based upon video gaming - as it remains in Singapore - it would generate $6.6 billion dollars of income each year, Bloomberg experts reported on Monday.