Published: March 4, 2023 at 05:48.
Last updated: March 4, 2023 at 05:48.
Wynn Resorts hopes to bring a taste of the Las Vegas Strip to the United Arab Emirates (UAE) with its upcoming casino resort on Al-Marjan Island, and with the associated vernacular.
Documents show that the game company recently trademarked the terms “Arabian Strip” and “Marjan Strip.” Wynn filed an application to trademark these phrases in 2022 and has registered them. The terms are clearly modeled after the Las Vegas Strip – a common term for the world’s most famous casino real estate.
Last year, Wynn announced it was partnering with local hotel developer RAK Hospitality Holding LLC on the project, the UAE’s first gaming venue.Believed to be a casino resort on an artificial island Will cost at least $2 billion The Las Vegas-based company’s interest in the venture will amount to one-third.
I also anticipate that we will be sharing renderings, programming, and plans publicly over the next few months. The more time we spend in that market, the more confidence we have in the project,” Wynn Chief Executive Craig Billings said on a recent earnings call with analysts.
The integrated resort is scheduled to open in 2026, with construction scheduled to begin later this year. The terms “Arabian Strip” and “Marjan Strip” will apply to uses such as hotels, restaurants and special events.
‘Divestiture’ still a stretch in UAE
While “striptease” is a catchy vernacular sure to resonate with Emirati tourists who are also familiar with Las Vegas, it’s a bit of a stretch to apply it to a region long opposed to casino gaming.
In other words, the Wynn venue will become the first well-known gaming company in the Arab world. In contrast, there are about 30 casinos on the Las Vegas Strip, a number that more than doubles if you include the area near the Strip. Plus, it could be years before other emirates or other countries in the region embrace casinos — if that happens at all.
Nonetheless, Wynn’s development on Al-Marjan Island remains strong. literally.where the venue is expected double the size Operator’s eponymous Sin City venue. HKS Architects says It will be the architect of Wynn Properties. The firm has designed The Venetian Macao, The Palace of Las Vegas and Atlantis Paradise Island in the Bahamas.
Rival Caesars operates a high-end hotel in Dubai, and MGM Resorts International is building similar properties there, but these are not gaming venues.
Gambling regulations take shape
Ras Al Khaimah is developing gaming regulations and standards for the Al-Marjan Island casino, taking inspiration from the US and Singapore.
According to the agency, the effort includes the recent creation of the Recreation and Gaming Regulation Department, which will focus on “the social, cultural and environmental landscape of the emirate and cover licensing, taxation, operating procedures and consumer safeguards.”
Some analysts estimate that Wynn could earn at least a 20% return on investment from the UAE project. This is the high-end product operators are looking for in new gaming venues.