Powered by glitz, glamour and an unprecedented indulgence of the American dream, Las Vegas needs no introduction. It is the undisputed gambling capital of the world. However, there is a truly unexpected challenger now making their way into the spotlight – one that, only a few years ago, would have seemed impossible.
That was until the United Arab Emirates (UAE) dared to venture into uncharted waters.The UAE is eager to diversify its economy away from oil and gas. They are not alone in that venture. It is an economic decision made by virtually every nation in the Middle East.But they are the only ones who have dared to explore every possible avenue of generating revenue, including one that has been considered a taboo subject in the region for decades.
That move has sparked plenty of debate, with many people now questioning whether the Middle East could become the world’s next gambling superpower.
Vegas sets the Standard in the Gambling Industry
Vegas may no longer be the only player in the game, but it is still the hallmark of casino culture.
The Bellagio, Caesars Palace, the Venetian – these are just some of the many playgrounds for tourists, celebrities and anyone else looking to throw money around like confetti.
Slot machines, poker and other gambling-related activities are the bedrock of what keeps the lights on in Sin City. However, while Vegas’ operations are stable, some cracks are starting to appear.
This is mostly because the younger generations are more tech-savvy and tend to lean towards places that can offer more immersive experiences.
Online gaming has also played a part in Vegas’ dreaded revenue plateaus. Since it became a mainstream practice, it has cut into the traditional footfall the city thrives upon.
While Sin City isn’t fading anytime soon, it’s certainly no longer the only player in town. The same can be said for Macau. The autonomous region is the only place in China where casino gambling is legal.
This expansion into a region where gambling is traditionally frowned upon undoubtedly highlights the potential for the Middle East to jump on the bandwagon.
The Door is Wide Open for the Middle East
The idea that the Middle East could become a gambling superpower is a strange notion, especially when the laws of the land come into play. But it is on course to become a reality.
The UAE has spent the past couple of years redefining the laws of the land and forming a regulatory authority in preparation for a new era.
They have set up the General Commercial Gaming Regulatory Authority (GCGRA) which will oversee the gambling sector within its borders.
That was after giving Wynn the green light to build a massive resort in Ras Al Khaimah – one that will house the first-ever land-based casino in the UAE.
Those moves sent pulses racing throughout the Middle East. It went against everything the region has traditionally stood for, but there was a strategic plan behind the move.
The GCGRA can currently only grant five categories of commercial gaming licenses to entities or individuals, but there are conditions involved.
The betting sector is highly regulated to ensure responsible gaming. They have also made well-calculated moves to avoid completely obliterating the laws that forbid such activities.
Their stance has left their Middle Eastern rivals standing. For example, Kuwait is among a plethora of other prominent nations still dragging their heels.
There are real money online casinos in Kuwait, but they are regulated by authorities in foreign jurisdictions. However, Kuwait is under pressure to chance its stance on gambling.
There have been rumours they could yet take a bite of the forbidden fruit. Many people believe it is only a matter of time before it happens.
The Middle East Could Become a Big-Hitter in Gambling
The UAE is carrying the gambling torch in the Middle East. For other nations, cultural and religious sensitivities remain problematic.
Gambling is still widely taboo across the region, and the UAE has been cautious about the message they are passing across. Rather than embracing the term ‘casino’, officials often refer to ‘integrated resorts’ when talking about gambling.
Nevertheless, the UAE is employing a forward-thinking approach to seduce international businesses while keeping tight regulatory control.
The plan is to gradually establish gambling in a limited yet highly regulated format. If they get it right – and everything points in that direction – it could become a major source of revenue in the region.
