Future Prospects of Betting and Casino Business in the UAE
Author:
Jacob McKenzie
The world’s number one location for luxury and leisure is apparently conducting early discussions and considering a change in its anti-gambling laws. If such a move was made it would be an enormous disrupting force in the world of luxury casino businesses. Up until now the Gulf states have taken a unanimous anti-gambling stance, and whilst senior government officials have recently confirmed that there are no imminent plans to change the status-quo, several insiders have revealed that the discussions have been happening far more frequently in recent months.
Dubai is quickly becoming a metropolis in the sand, attracting the wealthiest people from around the world. Legalizing gambling in the city would be a huge step change, but one that the global betting industry is hedging its bets on.
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An anonymous government official from the UAE and a gaming consultant executive have revealed that several other casino operators have engaged in informal talks with UAE authorities concerning gambling. These talks are confidential and have not been disclosed to the public. Additionally, a gaming equipment supplier has stated that some operators are searching for suitable hotels to establish casinos. The potential returns are enormous, as per Angela Hanlee, a Bloomberg Intelligence analyst specializing in gaming and hospitality, the UAE may generate up to $6.6 billion annually in gaming revenue, surpassing Singapore’s famous Marina Bay Sands resort.
It’s part of the grander vision for the UAE, and Dubai. The country wants to move away from its reliance on oil as a primary income source, and venture into the leisure-gambling markets. Casino related tourism has already proven itself to be a huge driver in Asia and could be replicated in the Middle East.
Legal Pivot in Middle East Towards Gambling Laws
Gambling would have a tremendous impact on the UAE, because Islamic law is the fundamental source of laws. The practice is absolutely prohibited under Islamic law and is illegal in the nation, with anybody found taking part risking fines, a two-year prison sentence, or both.
Despite this, Dubai is feeling the pressure from neighboring countries such as Saudi Arabia and Qatar to diversify its income, and has implemented a number of changes in order to preserve its position as the region’s top commercial and tourism hub. Long-term visas and the ability for unmarried couples to cohabitate are among the reforms designed to make the city more accessible and alluring to foreign wealth.
It appears that there are several ideas for legalizing gambling, but it is unclear which ones are being taken seriously and who is in charge of the discussions. It’s possible that the UAE won’t opt to allow gambling. It is unknown who has asked for the task, but a global legal firm is apparently creating guidelines that might be used at the federal level. The insights and comments being revealed via the consultants and regulatory experts hired by the state are fuelling the speculation currently boiling up in the casino business world.
Incoherent Signals Coming from the UAE on Gambling Future
Adding to the confusion and frenzy of the new gambling market is the mixed messaging coming out of the country. Gambling has been rumored to be coming to Dubai for over 25 years, especially at the top-floor bar of the sail-shaped Burj Al Arab hotel, which first opened its doors decades ago.
If gambling is allowed, Dubai is likely to reap the most rewards. Due to its response to the pandemic and its reputation as a haven for wealth, the emirate has experienced an influx of newcomers and tourists. The emirate’s strong tourist industry, a key pillar of its economy that has largely remained unaffected by the geopolitical and economic turmoil hitting other areas of the world, might be further stimulated by the inclusion of casinos.
In Dubai, a number of well-known casino companies currently run operations, and some are even growing. Caesars opened its first resort without gambling in 2018 on Bluewaters Island. On the city’s palm-shaped islands, Kerzner International has long run an Atlantis resort. Recently, the company debuted a second hotel within a short distance from the original resort. At this brand-new hotel, the top suite costs $100,000 per night. With such highly-capitalized casino brands already operating in the city, it does seem like a matter of time until the change is realized.
