- MoU aimed at innovating gaming
- New Jersey, the state of Atlantic City casinos
- UAE gaming sector projected to reach $8.5 billion
This week, New Jersey, known for its Atlantic City casinos, entered into a significant pact with the gaming authority of the UAE.
This agreement coincides with MGM Resorts International’s discussions regarding its forthcoming projects within the Emirates.
On Wednesday, in Abu Dhabi, the New Jersey Division of Gaming Enforcement (DGE) and the UAE’s General Commercial Gaming Regulatory Authority (GCGRA) signed the memorandum of understanding. The GCGRA was established last year to oversee the gaming sector at the federal level.
Governor Phil Murphy, who finalized the agreement during a broader economic initiative in the Gulf, commented, “By strengthening global partnerships, New Jersey solidifies its status as a national leader and an attractive destination for gaming innovation, where consumers seek thrilling experiences.”
The MoU aims to foster collaboration between the gaming regulators of both regions to enhance both land-based and online gaming while emphasizing cybersecurity and consumer protection.
Murphy stated, “The partnership between DGE and GCGRA is set to bolster our international economy with a firm commitment to responsible gaming.”
Under Governor Murphy’s leadership, New Jersey’s online gaming industry has experienced remarkable growth. Since his inauguration, the state’s total gaming revenue has more than doubled, firmly establishing it as a leader in this rapidly advancing sector.
Kevin Mullall, CEO of GCGRA, remarked, “Commercial gaming is essential to the UAE’s strategy for economic diversification.”
Real estate consultancy expert CBRE forecasts that regulated gambling could yield $8.5 billion annually for the UAE.
New Jersey’s Atlantic City ranks as the second-largest casino market in the United States, generating nearly $6 billion in 2024, compared to approximately $9 billion from Nevada’s iconic strip.
Although gambling remains illegal under UAE federal law, Wynn Resorts is in the process of developing a $5 billion resort on Al Marjan Island in Ras Al Khaimah, which is anticipated to house the country’s first legal casino upon its opening in 2027.
In October 2024, Wynn received the first commercial gaming license in the UAE from GCGRA, allowing them an exclusive 15-year period for casino operations in Ras Al Khaimah, as stated in an investor update from the previous year.
Wynn expects annual gross gaming revenue from the Ras Al Khaimah resort to be between $1 billion and $1.7 billion, based on potential market estimates of $3 billion to $5 billion in the UAE.
MGM Resorts International CEO Bill Hornbuckle shared during a recent earnings call that their executives had traveled to the UAE for discussions with local leaders about a beachfront development in the emirate, which will include three hotel brands from Las Vegas: MGM, Bellagio, and Aria.
Hornbuckle indicated, “Our main goal was to meet with the prince and discuss our project and the gaming possibilities it could bring to the UAE and specifically Dubai.”
“We had a fruitful discussion. There has been no final decision made yet, but we are creating an environment that could support it.
“Construction is currently at the fifth floor of the MGM Tower, anticipated to finish in the third quarter of 2027.”
Initiated in 2017, MGM’s $2.5 billion Dubai venture is part of Wasl Asset Management Group’s grand project, The Island.
Hornbuckle emphasized that while their delegation was well-received during their visit, the ultimate decision concerning gaming remains with the emirate’s government. “We hope to introduce gaming in the future, but the final decision lies with them,” he concluded.