First Casino in UAE Faces Little Competition
The individual at the helm of the project to establish the first gaming establishment in the United Arab Emirates suggests that a second casino is unlikely to emerge in the region for the foreseeable future.
The company spearheading the development of the resort and casino on Al Marjan Island in Ras Al Khaimah believes it holds a significant advantage in the burgeoning UAE gaming market.
According to statements made during a recent earnings call, there are currently no indications that regulators are considering granting a second license to any other operator.
“Our understanding is that there’s virtually no prospect of a second license being issued at this time,” a company representative stated. “While we can’t be certain, our information suggests we have a considerable head start.”
The Al Marjan Island resort and casino is slated to open in approximately two years.
Strategic Advantage
Given the extensive time required for the design and construction of a large-scale integrated resort, the company believes it possesses a “very healthy lead” in the UAE market.
In a move to attract future patrons to the UAE casino, the company recently acquired a prestigious members-only gaming and dining club in London’s Mayfair district.
This acquisition provides a strategic presence in a key location frequented by potential customers for the Al Marjan Island resort.
The company intends to explore similar strategic acquisitions in other major global cities to further promote the Marjan project.
Financial Update
The company recently secured a substantial loan to finance the ongoing development of the Al Marjan Island project. Significant equity has already been invested in the project.
The remaining equity required for the project is estimated to be in the range of $700 million to $775 million.
Financial Performance
Operating revenues remained stable compared to the previous year. However, net income experienced a decrease compared to the prior year.
Stay ahead of the game in the Arabian Online Casino world – get the latest insights at ArabianOnlineCasinos.com.
