United Arab Emirates prepares to legalize casinos
The United Arab Emirates (UAE) established a federal structure to regulate the gambling industry, paving the way for the country to become the first country in the Gulf to legalize casinos.
A new authority is being created to establish a “regulatory framework” for the lottery and commercial gaming industry, state media reported yesterday.
Last month, US hotel and casino operator Wynn Resorts said it would build a $3.9 billion gaming facility in the United Arab Emirates and hoped to obtain a license “soon”.
EXPERIENCED INDUSTRY NAMES WILL RISE TO THE TOP
The Emirates News Agency (WAM) said Jim Murren, former chief executive of US hospitality and entertainment company MGM Resorts International, will head the regulatory board. Kevin Mullally, who has nearly three decades of experience in the gaming industry, will become chief executive of the new agency, which will coordinate regulatory activities and oversee licensing at the national level.
Allowing gambling in a country governed by Sharia law will be a significant change. Gambling, currently prohibited in the country, is punishable by fines or up to two years in prison. The country is also trying to compete with its competitors in the Gulf in terms of tourism.
THEY CAN GET BIG INCOME
According to a calculation by Angela Hanlee, a senior gaming and hospitality analyst at Bloomberg Intelligence, the United Arab Emirates could generate $6.6 billion in gaming revenue a year. If gaming revenue in the United Arab Emirates reaches 1.6 percent of the country’s national income, as in Singapore, it can exceed $6 billion.
The opening of casinos could further strengthen the tourism sector, which is the mainstay of the UAE’s economy.
$50 BILLION DEAL WITH Türkiye
On the other hand, the relations of the United Arab Emirates with Turkey have recovered recently and serious steps of commercial association have been taken between the two countries.
Finally, last July, 13 documents were signed between Turkey and the United Arab Emirates in various fields, and it was announced that the total amount of the agreements reached amounted to 50.7 billion dollars.
For his part, Treasury and Finance Minister Mehmet Şimşek used the expression “We appreciate the strong and continued support of the United Arab Emirates to Turkey” in connection with the agreements.