UAE emerging casino market attracts Genting expansion

Lea Hogg August 26, 2024

SiGMA news

UAE emerging casino market attracts Genting expansion

Genting Group’s Chairman, Lim Kok Thay, has expressed the company’s willingness to explore the possibility of developing integrated casino resorts in the United Arab Emirates (UAE) as the nation considers legalising gambling. This statement was made during the Genting Singapore Ltd. annual meeting, where the minutes of the meeting were subsequently released in a stock exchange filing.

Lim Kok Thay noted that while a standalone casino development in the Middle East might not be immediately likely, Genting is interested in the broader opportunity of integrated resort (IR) development in the region. He emphasised that Genting Singapore, which is part of the Genting Group, would leverage its extensive experience in non-gaming offerings as part of this potential expansion into new markets such as the UAE and Thailand. The introduction of casinos represents a significant shift for the UAE, where Islamic, or Shariah law, forms the foundation of its legal system. Under Shariah law, gambling is strictly prohibited, with penalties for offenders that can include fines or imprisonment for up to two years.

UAE casino market boom

In recent developments, the emirates of Abu Dhabi and Ras Al Khaimah have been identified as the leading contenders to introduce casinos, ahead of Dubai, which has opted to delay any immediate plans for gambling. Notable sites in Abu Dhabi being considered include Yas Island, known for attractions like the Yas Marina Formula One Circuit, Ferrari World, and Warner Bros. theme parks, as well as an area near the city’s port.

In Ras Al Khaimah, Wynn Resorts, a major Las Vegas-based company, commenced work last year on a $3.9 billion integrated resort, which is slated to open in 2027. While Wynn has confirmed that the resort will feature “gaming” elements, the Ras Al Khaimah government has not yet provided specific details regarding the nature of these gaming facilities.

The UAE’s emerging casino market could potentially surpass Singapore’s in terms of revenue.

Overall, Genting Group’s openness to exploring casino resort developments in the UAE signals a potential shift in the regional gaming landscape, contingent upon changes in the legal framework and regulatory environment in the country.