In an effort to help build the world’s next Las Vegas, Wynn Resorts has pulled off a top-tier heist—they’ve secured the UAE’s first-ever commercial gaming operator license. After three years of waiting (which probably felt longer than sitting on a delayed Southwest Airlines flight), they’re finally ready to deal the cards in a country where gambling was once off-limits.

The first rule for casinos in the UAE: You do not talk about casinos in the UAE. In a land where alcohol is more regulated than your grandma’s secret cookie recipe and public swearing could land you in trouble, gambling has long been a no-go. 

But behind those glossy skyscrapers, a multi-billion-dollar gaming industry aimed squarely at tourists is quietly taking shape. Think of it as a Vegas-style underground club—except it’s surrounded by palm trees and luxury resorts.

Now for the headline: Wynn Resorts is set to build a $3.9 billion resort and casino in Ras Al Khaimah, with doors expected to open in 2027. CEO Craig Billings is walking around like he just won the lottery, promising it will be the tallest building in the emirate. After all, if you’re going to spend $3.9 billion, you might as well reach for the skies.

But let’s zoom out for a second. The UAE is gradually warming up to the idea of gambling. They’ve created a national gaming authority to regulate this hush-hush industry, basically saying, “Alright, you can have a little fun.”

In fact, experts predict that gaming revenue could contribute up to 1.7% of the UAE’s GDP, potentially bringing in close to $10 billion a year. For context, last year alone, the UAE’s tourism sector raked in a cool $52 billion. Now, add a few casinos to that mix, and those numbers could soar even higher.

But here’s the interesting part. Despite all this behind-the-scenes action, no one’s really talking. Seasoned Vegas casino execs are setting up shop, but they’re tight-lipped, like my son guards his secret stash of candy. And the government hasn’t even dared to say the word “casino” in public. For now, the UAE’s gambling future feels like a magic trick that’s still unfolding in the shadows.

Now Wynn isn’t the only player trying to cash in. MGM Resorts is also eyeing that highly coveted gaming license, hoping to crash the party. Billings keeps tossing around phrases like “most exciting new market,” and honestly, he might be onto something.

Now, the big question: is it time to grab some Wynn shares? Wynn has already dropped $900 million on this UAE project, and analysts at Morgan Stanley just upgraded the stock, calling it an underappreciated opportunity. Shares have jumped 33% over the last month. 

But hold up. It’s not all glitz and glam. A recent report warned that the project could “weigh on public finances initially.” Still, Wynn estimates adjusted EBITDA from the resort could reach up to $600 million annually. That’s impressive, but still shy of the $801 million Wynn Las Vegas pulled in last year. Experts do suggest that they could reach the $5 Billion mark annually very soon.

Wynn’s got big plans, though. They’ve trademarked names like “Arabian Strip” and “Marjan Strip,” signaling future developments on the island. Plus, they just snagged another 70 acres in Ras Al Khaimah for more expansion. They’re also beefing up their team with execs from Vegas, so you know they’re serious. So, if you’re feeling lucky and thinking of hopping on the Wynn train, this might be your moment. Just remember, in the stock market, fortune favors the bold—but always play your cards wisely.

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Stocks.News has positions in Wynn Resorts, Southwest, and MGM.