(Reuters) – Hotel and casino operator Wynn Resorts (NASDAQ: ) said on Friday it had been granted the first gaming license in the United Arab Emirates by the country's General Commercial Gaming Regulatory Authority.
The Las Vegas-based casino company said it is building a luxury resort on Wynn Al Marjan Island in Ras Al Khaimah.
The project, which is still under construction, is a joint venture between Wynn Resorts subsidiaries Marjan and RAK Hospitality Holding, Wynn said.
Ras Al Khaimah's government communications office, RAKTDA, and RAK Hospitality Holding did not immediately respond to Reuters requests for comment.
The UAE last month established a state agency to regulate gambling and hired US industry veterans to lead it, ending years of speculation over whether the country would allow gambling – which is illegal across the Gulf region.
The move to legalize gambling comes against a backdrop of economic competition in the Gulf, particularly with Saudi Arabia. The UAE last month introduced a raft of liberal legislative changes as it tries to maintain its edge as the region's trade, tourism and financial hub.
