Wynn Resorts wins historic license, paves way for gambling in UAE
Las Vegas-based hotel and casino operator Wynn Resorts has secured the United Arab Emirates’ first commercial gaming operator’s license, the company announced. The license was awarded by the UAE’s General Commercial Gaming Regulatory Authority.
Wynn Resorts is currently developing a luxury resort, Wynn Al Marjan Island, in Ras Al Khaimah, through a joint venture with Marjan and RAK Hospitality Holding. The project is currently under construction.
This milestone follows the UAE’s establishment of a federal entity to regulate gambling last month, marking a significant shift in the country’s stance on the industry. Veterans of the US gaming industry have been appointed to lead the regulatory body.
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The Ras Al Khaimah government communications office, RAKTDA, and RAK Hospitality Holding have not yet commented on the development.
Despite the approval, gambling is seen as a fundamental prohibition in the Islamic financial system. It’s also known as Maysir and Qimar in Arabic language.
It applies to every activity in which a person wins or loses his property by a mere chance. In other words, it’s a game of pure chance where a person wins at the expense of the other.
According to Blossomfinace.com, the winner, in gambling does not lawfully earn what he wins from his opponent and the loser loses his property without fair compensation.
Gambling also includes betting on horseracing, soccer matches, and lotteries etc.
