UAE creates a gambling organization in a possible move toward casinos.

Original Story by The Economic Times

The United Arab Emirates has set up a government organization to oversee the gambling sector, potentially clearing the way for the nation to become the first Gulf state to legalize casinos.

According to state media late on Sunday, the new institution is being established to bring in a “world-leading regulatory framework” for a national lottery and commercial gaming. A month ago, Wynn Resorts Ltd., which is constructing a $3.9 billion gambling complex in the UAE, stated that it anticipated “soon” obtaining a license.

Jim Murren, a former top executive of MGM Resorts International, will serve as the board’s chair, according to WAM. The new organization’s CEO, Kevin Mullally, who has almost three decades of expertise in the gambling sector, would oversee licenses across the country and coordinate regulatory actions.

The odds are against us. According to Angela Hanlee, a senior gaming and hospitality analyst for Bloomberg Intelligence, the UAE might overtake Singapore, which is home to the iconic Marina Bay Sands casino, and bring in up to $6.6 billion in gaming revenue yearly.

Senior government officials told Bloomberg earlier this year that there are no immediate plans to legalize gambling, but casino owners, consultants, and attorneys with knowledge of the situation claim that there have been preliminary negotiations and a move is being taken into consideration.

The odds are against us. According to Angela Hanlee, a senior gaming and hospitality analyst for Bloomberg Intelligence, the UAE might overtake Singapore, which is home to the iconic Marina Bay Sands casino, and bring in up to $6.6 billion in gaming revenue yearly.