Hotel and casino operator Wynn Resorts has become the first company to receive a gambling license from the United Arab Emirates (UAE), the company announced in a statement on Friday.
The Las Vegas-based casino firm is developing a luxury resort at Wynn Al Marjan Island in Ras Al Khaimah. The project, currently under construction, is a joint venture between affiliates of Wynn Resorts, Marjan, and RAK Hospitality Holding, Wynn stated.
According to Reuters, the UAE last month established a federal entity to regulate gambling and hired veterans of the U.S. industry to lead it, ending years of speculation over whether the country would allow gambling, which has been illegal across the conservative Gulf region.
The moves to permit gambling come against a backdrop of intensifying economic competition in the Gulf, particularly with Saudi Arabia. Last month, the UAE introduced a raft of liberal legal reforms as it seeks to maintain its edge as the region's trade, tourism, and financial hub.
SEE NOTE FROM REUTERS
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