Jim Murren appointed chairman of UAE's new gambling regulator
Former MGM Resorts International (NYSE:MGM) CEO Jim Murren has been named chairman of the General Commercial Gaming Regulatory Authority (GCGRA), the United Arab Emirates’ (UAE) new gaming regulator. .
Murren, who ran the Mandalay Bay operator for more than a dozen years, was joined by gaming attorney and lobbyist Kevin Mulally. Mulally, who has more than three decades of experience regulating the gaming industry, will serve as CEO of GCGRA.
I am delighted with the appointment of Kevin Mullally. He brings unparalleled industry experience and will be invaluable in establishing a fit-for-purpose regulatory framework for the UAE. "Mullen said in a statement carried by the Emirates News Agency.
Mullen left MGM leadership in March 2020 and was appointed by then-Nevada Governor Steve Sisolak (D) to lead the state’s COVID-19 Response Task Force. Bill Hornback took his place.
The timing of the UAE announcement is important
The timing of the UAE's GCGRA launch is important, especially for Wynn Resorts (NASDAQ: WYNN ). The company plans to open Wynn Al Marjan Island resort on Al-Marjan Island in early 2027. Construction on the property recently began.
Las Vegas-based Wynn aims to make the $3.9 billion integrated resort the premier gaming destination in the United Arab Emirates and the Arab world. During a second-quarter earnings call last month, CEO Craig Billings hinted that the company might soon get more regulatory clarity on its UAE projects.
While Wynn holds a minority stake in the project and has said the venue on Al-Marjan Island will not be casino-centric (a move that other venues will follow), gambling is still seen as key to unlocking the casino. Resort potential. The casino floor there is also expected to be several times larger than Wynn Las Vegas.
"The GCGRA will create a socially responsible and well-regulated gambling environment and ensure that all participants adhere to strict guidelines and maintain the highest standards," the statement said. "It will coordinate regulatory activities, manage licensing at the national level, and facilitate business Responsible development of gambling’s economic potential.”
Interesting things about Mirren’s appointment
One notable fact surrounding Mullen's appointment as GCGRA chairman is that MGM is developing a non-gaming hotel in the UAE. This also applies to Caesars Entertainment (NASDAQ: CZR ). MGM has previously said it does not expect the UAE to sanction gambling.
However, if that's the case with Wynn, Caesars and MGM may be in a better position than other competitors looking to enter the market because they will own hotels there. MGM's relationship with Murren may be beneficial, but these are long-term issues.
With Macau and Singapore virtually impossible to enter for at least a decade, the UAE is widely regarded as the world's most coveted, untapped casino market - assuming gambling is allowed. This appeal is heightened by the fact that the United Arab Emirates is one of the richest countries in the world due to its vast per capita oil wealth. It is also one of the most visited countries, attracting more than 15 million tourists last year.
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Source: www.casino.org
