Although the Wynn Al-Marjan Island casino resort project is currently underway, a recent development could provide it with an unanticipated competitive edge.
Due to its license to operate a casino granted by the recently established General Commercial Gaming Regulatory Authority (GCGRA), Wynn Resorts has expressed interest in developing commercial casinos in the United Arab Emirates.
In the UAE casino market, Wynn Resorts is probably going to have a significant lead
The regulator now appears to have chosen to take its time in approving any future casino licenses, which effectively gives the Wynn Resorts-backed project the advantage over MGM Resorts International, which is planning to construct a project of a similar nature in Abu Dhabi.
The GCGRA is still likely to give MGM Resorts International a nod, but the exact time frame is still unknown. Wynn Resorts will have a significant advantage that won’t be challenged for some time, according to CBRE.
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As part of the Las Vegas Executive series, the company released a summary of the upcoming development based on interviews with insiders in the casino industry and CBRE experts.
By just fulfilling its commitment, Wynn Resorts may have secured these excellent market circumstances for itself; the project is scheduled to open in early 2027.
According to CBRE, there is currently no “momentum for any additional integrated resorts licenses,” and MGM Resorts International’s September of last year request is still pending. However, according to CBRE’s analysis, a second license is undoubtedly on the horizon.
The Wynn Brand Is Set to Benefit Worldwide
Citing the recent purchase of Crown Aspinalls in London, CBRE is equally optimistic about the Wynn Resorts brand’s long-term success not only in the United Arab Emirates but also in markets well beyond that, including the United Kingdom and the United States.
Wynn Resorts has let itself to be a bit more bold and hopeful about its long-term prospects in light of these occurrences. In order to guarantee that the Wynn Al-Marjan Island project will be completed by the scheduled date, Wynn Resorts already obtained a $2.4 billion financing.
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