{"id":290279,"date":"2023-09-19T10:22:49","date_gmt":"2023-09-19T15:22:49","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=290279"},"modified":"2023-09-19T18:52:28","modified_gmt":"2023-09-19T23:52:28","slug":"uae-gaming-regulations-could-be-out-before-year-end","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/","title":{"rendered":"UAE Gaming Regulations Could Emerge This Year, Says JPMorgan"},"content":{"rendered":"

The recently announced formation of the General Commercial Gaming Regulatory Authority (GCGRA), the United Arab Emirates (UAE) first casino gaming regulator, could pave the way for gaming regulations to be introduced in the country before the end of 2023.<\/p>\n

\"Al-Marjan
Al-Marjan Island in the UAE is the site of Wynn Resorts’ upcoming casino hotel. UAE gaming regulations could emerge before the end of 2023. (Image: Arabian Business<\/em>)<\/figcaption><\/figure>\n

That\u2019s the take of JPMorgan analysts, who, in a recent note to clients, deemed the launch of the GCGRA as a \u201csignificant development.\u201d<\/p>\n

We are encouraged by the GCGRA\u2019s leadership team\u2019s general industry expertise and ties to U.S. based gaming operators and regulatory agencies,\u201d<\/strong> observed the analysts.<\/p><\/blockquote>\n

That leadership group includes former MGM Resorts International (NYSE: MGM) CEO Jim Murren<\/a> as chairman and gaming attorney and lobbyist Kevin Mullally. Mullally, a three-decade gaming industry veteran, is chief executive officer of the GCGRA.<\/p>\n

UAE Gaming Regulations Pivotal for Wynn Resorts<\/h2>\n

The timing of the UAE’s unveiling of the GCGRA is important, particularly to Wynn Resorts (NASDAQ: WYNN), which is aiming to open its Wynn Al Marjan Island on Al-Marjan Island in early 2027. Construction on the property recently commenced.<\/p>\n

\n

That $3.9 billion integrated resort<\/a> is expected to be the first casino hotel in the UAE and the Arab world. It is slated to feature a larger gaming area than Wynn Las Vegas. On the company\u2019s second-quarter earnings conference call, Wynn CEO Craig Billings said he expected clarity on gaming regulations in the Emirates to emerge in the coming months.<\/p>\n<\/div>\n

While the JPMorgan analysts noted the timing around the licensing of Wynn Al Marjan Island is \u201cfluid,\u201d the project is nonetheless viewed as the catalyst for spurring the UAE\u2019s initial batch of gaming protocols.<\/p>\n

“The UAE is motivated to facilitate the process given the underlying tourism and economic benefits from this project, which brings incremental demand to other projects in the market, higher employment (and taxes on higher income levels), and higher land values,\u201d<\/strong> added the analysts.<\/p>\n

For Wynn, the emergence of UAE gaming guidelines is essential. That’s because it could remove lenders\u2019 apprehension about financing such a project in a region that\u2019s never permitted regulated wagering. Additionally, regulatory clarity could finally compel the investment community to assign some value from the project to Wynn\u2019s share price<\/a>.<\/p>\n

\u201cWe, and we think most other sell-side analysts, have adopted a wait-and-see approach \u2014 given this earlier skepticism on gaming in the region \u2014 and Street price targets have embedded zero equity value related to Wynn RAK,\u201d opined JPMorgan analyst Joseph Greff.\u00a0 \u201cWe think progress is being made with respect to gaming law enactment, a gaming license being issued, property level financing being secured, and partner equity contributions and construction accelerates. As such, we think investors will start to assess and ascribe the net equity value here.\u201d<\/p>\n

MGM Eyeing UAE Gaming Regs, Too<\/h2>\n

MGM is developing a nongaming hotel in Dubai. But the appointment of Murren as GCGRA chairman stoked speculation that the operator could reconsider its plans there if casino gaming is approved.<\/p>\n

MGM executives acknowledged that they’re staying abreast of regulatory developments in the UAE and reserved 150,000 square feet of space<\/a> at the hotel that could be turned into a casino if permitted.<\/strong><\/p>\n

On the other hand, rival Caesars Entertainment (NASDAQ: CZR) recently announced its name will be pulled from a nongaming hotel in the UAE, a move revealed after the GCGRA was formed.<\/p>\n","protected":false},"excerpt":{"rendered":"

The recently announced formation of the General Commercial Gaming Regulatory Authority (GCGRA), the United Arab Emirates (UAE) first casino gaming regulator, could pave the way for gaming regulations to be introduced in the country before the end of 2023. That\u2019s the take of JPMorgan analysts, who, in a recent note to clients, deemed the launch […]<\/p>\n","protected":false},"author":46,"featured_media":199109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,13592],"tags":[81913,81897,81895],"acf":[],"yoast_head":"\nUAE Gaming Regulations Could Be Out Before Year-End<\/title>\n<meta name=\"description\" content=\"UAE gaming regulation could be established before end of 2023, says JPMorgan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE Gaming Regulations Could Be Out Before Year-End\" \/>\n<meta property=\"og:description\" content=\"UAE gaming regulation could be established before end of 2023, says JPMorgan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-19T15:22:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-19T23:52:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Al-Marjan-Island.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1240\" \/>\n\t<meta property=\"og:image:height\" content=\"709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/\",\"url\":\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/\",\"name\":\"UAE Gaming Regulations Could Be Out Before Year-End\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Al-Marjan-Island.jpg\",\"datePublished\":\"2023-09-19T15:22:49+00:00\",\"dateModified\":\"2023-09-19T23:52:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"UAE gaming regulation could be established before end of 2023, says JPMorgan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/uae-gaming-regulations-could-be-out-before-year-end\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Al-Marjan-Island.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Al-Marjan-Island.jpg\",\"width\":1240,\"height\":709,\"caption\":\"Al-Marjan Island in the UAE. 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