Genting chairman says open to casino resort development in UAE
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2024
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Source: Yahoo Finance
- Genting Group's Interest in UAE: Genting Group Chairman Lim Kok Thay expressed openness to developing integrated casino resorts in the United Arab Emirates.
- Legalization of Gambling in UAE: The UAE is considering legalizing gambling, with an international tender for a casino-only development unlikely in the Middle East region.
- UAE's Regulatory Steps: The UAE established a federal body last year to regulate the gaming industry, a significant move considering Islamic law prohibits gambling.
- Potential Casino Locations: Abu Dhabi and Ras Al Khaimah are potential locations for introducing casinos, with sites like Yas Island and near the city's port under consideration.
- Market Potential: Analysts suggest that the UAE's casino market could surpass Singapore in terms of revenue, indicating significant growth potential.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
