Like Saudi Arabia, the United Arab Emirates is working hard to make its economy less dependent on the oil needle. Natural gas and oil reserves are exhaustible—and everyone realizes it. One of the ways to achieve economic independence is the development of the tourism sector.
The Arab Emirates does not miss new business opportunities, so constructing a mega-casino for 4 billion dollars seems like a reality. The problem is that gambling is prohibited under Sharia law, but obviously, it looks like a formality.
Wynn Resorts, a Las Vegas-based casino operator, has proposed a $4 billion investment to the UAE government to build a five-star tourist complex. The latter would include luxury villas at $7 million each, hotels, and stores. All this splendor would not be possible without a big casino.
Such high costs for the project show that its authors believe in the success of their brainchild. This is very optimistic, considering the development of online gambling and betting. After all, most fans of such recreation prefer to bet online. For example, many cricket fans prefer to bet on their phones using downloadable bookmakers’ apps. To do this, you only need to explore sports-related websites, especially Iplbettingapps, which ranks top among other similar resources and choose here the best cricket-betting apps. In addition, the apps usually have thousands of different gambling games. But despite this convenience, many people still visit land-based casinos, so investors from Wynn Resorts are confident about the future of their project.
The project has not just been accepted – cranes are already in full swing on the construction site.
The Wynn Casino and Resort has become a game-changing project for Marian. The arrival of the casino is expected to lead to strong tourism development in the area. In essence, it turns Ras Al Khaimah into a mini-Vegas. This is how Khalid Bin Kalban, CEO of Dubai Investments PJSC, commented on the project. His company is building a residential complex and a hotel that will be part of the new zone.
Once these islands were uninhabited, investments transformed them into gold mines almost literally. The artificial islands off the coast of the Emirates have indeed remained abandoned for the past dozen years. Before they began constructing a tourist complex there, a project associated with the soccer club “Real” was also planned. However, it was never fully realized, and the construction of a complex with a casino has resulted in a square meter of land on the artificial islands now worth an astonishing amount of money. So, before the project’s approval, land there cost 300 euros per square meter, but now the price has skyrocketed to 800 euros.
At the same time, gambling is strictly prohibited in a country that practices Islam. Violations can even lead players straight to prison. To work around this ban, the United Arab Emirates established a remarkable body tasked with creating a legal framework for legalizing gambling. However, it has yet to draft any law.
