Brokerage CBRE Capital Advisors Inc suggested in a Sunday report that both phases serve as "key markers" for the federal Middle East state's commitment to gaming commerce.
"While some may still be doubting the market's progress, the emergence of the website is a key indicator of the UAE's commitment to regulating commercial games, and will help refute the most bearish sentiment that regulated games never reach the market," the CBRE team of John DeCree, Colin Mansfield, Corner Park and Max Masi wrote regarding the regulatory action.
Wynn Macao Casino operator Wynn Resorts, Inc., the parent company of Macau's global gaming operator, is currently developing Wynn Al Marjan Island, a casino resort project in Ras Al Khaimah, one of the emirates of the UAE. The project was described as a $3.9 billion venture project involving local partners, with Wynn Resorts being a 40 percent stake investor.
CBRE recently said the venture could generate $1.4 billion in gross gaming revenue (GGR) per year.
Wynn Resorts's management previously said it would not have invested in the game if it had not been convinced it would be a regulatory activity.
CBRE analysts nonetheless said, "Despite Win's progress in building Almazan Island, investors remain reluctant to reflect Win's potential in stock valuations, largely due to scepticism related to regulation. This weekend's regulatory progress could also bring Win's debt-raising solution for Almazan Island closer to fruition," CBRE analysts observed.
In September last year, it was announced that Jim Murren, the former chairman and CEO of MGM Resorts, would become the first president of the UAE regulator, a fact confirmed by a now-live website. It also says that Mark Lipparelli, the former president of the U.S. Nevada Gaming Regulatory Commission, is on the UAE regulator's board.
CBRE noted that its website contains definitions for commercial games, lists the types of game licenses, and briefly describes the licensing process for commercial games.
Commercial games are defined by the GCGRA as "games of opportunity and/or skill," where they are "betting money for the purpose of getting a lot of money." Commercial games include "all games played at land-based gaming facilities," including "table games including slot machines, blackjacks, roulette, baccarat, crab, poker, etc." as well as lottery games, internet games, and sports betting.
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