Dan Wasiolek, senior equity analyst at Morningstar, believes the Wynn project in the UAE makes sense because it will allow the casino operator to enter a new international market. We are talking about 10,000,000 residents with a per capita income of about $77,000 (7.46 million rubles).
Wynn is already represented in Las Vegas, Boston and Macau. However, the upcoming project in the United Arab Emirates will expand the operator’s audience to the Middle East and even Europe. In total, 95% of the world’s population will be within an eight-hour flight of a Wynn facility.
According to Vasiolek, the operator can use its current database of affluent customers to grow its business in the region and attract new partners in the Middle East and Europe. The casino resort in the UAE will have a similar footprint and number of hotel rooms to Macau Palace, the operator’s Macau facility. However, given the high income of the local population, the resort’s revenue in the UAE is also expected to be higher. In favor of the eThe fact that Wynn has the status of a management company, not a majority owner, therefore costs are reduced.
Wasiolek does not rule out that the Wynn facility may face competition from other Emirates in the future. The analyst also believes that the operator will have to work seriously with local partners for cultural integration in the region through a casino resort.
The Wynn Al Marjan project, worth about $2 billion (almost 194 billion rubles), is expected to be completed in 2027. The country is already taking major steps towards legalizing gambling. The General Commercial Gambling Regulatory Authority (GCGRA) was recently established. It is headed by the former chairman of the American Gambling Association, Jim Murren.
Of note: Curaçao’s Minister of Finance will co-host a summit with SiGMA at the Marriott Beach Resort.