Genting Group is another of the major international gaming companies that may seek entry into the United Arab Emirates (UAE) in the event that casino resorts are permitted there.
Chairman Lim Kok Thay informed Genting Singapore shareholders last month at the company's annual meeting that the operator may include the UAE in its plans to expand its integrated resorts (IRs), which may also include Thailand.
"The Company would be happy to work on an IR development in the Middle East, leveraging the Company’s experience in nongaming offerings,” according to minutes of the annual group meeting released last Friday by Genting.
One of the two casino resorts in the city-state, Resorts World Sentosa, is managed by Genting Singapore, a division of Genting Bhd, which is headquartered in Malaysia. It's unclear which division of Genting will apply for a license in the United Arab Emirates, according to Lim.
Lim "noted that an international tender for a casino-only development is unlikely," as per the meeting minutes. This suggests that operators will probably pursue ideas similar to Wynn Resorts' (NASDAQ: WYNN) if casino gambling is permitted in the United Arab Emirates.
Wynn is collaborating with Marjan LLC and RAK Hospitality Holding LLC on the Wynn Al Marjan Island integrated resort in Ras Al Khaimah, United Arab Emirates, and is widely anticipated to receive the first gaming permission in the UAE if such licenses are awarded. With an estimated financial contribution of $900 million, the Las Vegas-based business will be a minority stakeholder in that project.
Similar to Wynn, Genting possesses great expertise in non-gambling activities that may appeal to regulators should the UAE begin to formally allow casino gaming. The casino would occupy only 4% of the 5.6 million square feet that Wynn's UAE venue is slated to command.This aligns with anticipated regulatory requirements that prohibit casinos from serving as the focal point of the integrated resorts where they are located.
As of right now, it seems that the emirates most likely to legalize casinos are Abu Dhabi and Ras Al Khaimah, with Dubai, the upscale tourist destination in the UAE, delaying its acceptance of casinos in the style of Las Vegas.
Genting may want to consider entering the UAE as, according to some estimations, the country's casino market may someday grow to be larger than Singapore's. Resorts World Sentosa and Marina Bay Sands of Las Vegas Sands play a duopolistic game.
There are inquiries must be addressed for every operator thinking about operating in the UAE. The General Commercial Gaming Regulatory Authority (GCGRA), the first gaming regulatory organization in the United Arab Emirates, was established more than nine months ago. The timeline for the awarding of gaming licenses and the associated procedure, however, remain unclear.
It is anticipated that before the year ends, Wynn would receive the first casino permit, which might provide the operator an advantage over future rivals in the United Arab Emirates.
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