The United Arab Emirates is now taking steps to establish the gaming industry with a view to further boost tourism revenue.
Recently, the UAE formed a federal commercial gaming authority called the General Commercial Gaming Regulatory Authority (GCGRA), bringing it one step closer to legalizing casinos under the umbrella of ‘commercial gaming’. Although the country has not clearly stated that it will allow gambling, the circumstantial evidence suggests that it may do so. It is further solidified by the fact that the CEO of Wynn Resorts, Craig Billings, has claimed that his company is getting closer to acquiring a license to operate in the UAE.
Kevin Mullally, a former executive director of the Missouri Gaming Commission (MGC), will be the CEO of GCGRA. Along with Mullally, the former chairman and CEO of MGM Resorts will serve as the chairman of the board for GCGRA.
The authority can help global casino operators enter the local market, however, that would require amendments to the laws as the country does not allow gambling. If successful, the UAE will become the first among the Gulf nations to permit casinos.
If the law is amended to grant licenses to casino operators, Dubai can be in line to become a commercial gaming hub. Casinos can also help increase the country’s revenue as they boost tourism significantly compared to any other activity. As per reports, the UAE can earn annual revenue of up to $6 billion by legalizing casinos.