Casino chain Wynn Resorts (WYNN) has won a major gaming license in the United Arab Emirates (UAE)—the first of its kind, according to media reports.
Wynn’s plan to get in on Middle East gambling has been in the works for some time. Now, the casino operator has secured a license to open and operate the Ras Al Khaimah resort and casino, a $3.9 billion facility set to open in 2027.
The UAE is in the process of legalizing gambling. Bloomberg notes that if gambling does become legal, it would add an extra 1.3% to the UAE’s gross domestic product (GDP). That means an extra $6.6 billion, and that is more money than Singapore takes in from gambling.
Wynn’s Other Properties
Wynn also recently opened a newly-renovated Villas at Wynn resort, which is a $70 million project that features museum-quality art, stunning decor, gilded accents and more. The villas runs between 13,000 and 18,000 square feet, offering gardens with pools, multiple master suites, and media rooms.
The Villas at Wynn also features the latest in-room technology and promises to be an unforgettable experience for anyone who can actually afford it. Some artwork at Wynn locations in Las Vegas will be eventually transferred to the UAE resort and casino for when it opens in a few years.
Is Wynn Resorts Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on WYNN stock based on nine Buys and four Holds assigned in the past three months, as indicated by the graphic below. After a 19.24% rally in its share price over the past year, the average WYNN price target of $121.75 per share implies 16.9% upside potential.
