When it comes to land-based gaming, Singapore has long been referred to as the “gold standard” of casino operations and regulation.
There are many reasons for this. From a regulatory standpoint, Singapore’s regime is viewed as one of the most trustworthy on the planet – clear in its intentions, unambiguous in its rules and unafraid to act swiftly should one of the country’s two casino operators step out of line.
Undoubtedly Singapore has shown how concise messaging and a clearly defined ambition can shape a healthy narrative and dispel the fears of a nation that was once staunchly anti-gambling. And it’s difficult to argue that its array of social controls – from entry levies for locals to a robust exclusion program and extensive public messaging campaigns – have not proved incredibly effective at limiting harm.
Perhaps most impressive is the fact that, in the face of such extensive oversight, Singapore is still home to one of the most profitable casino resorts in the world in the irrepressible force that is Marina Bay Sands (MBS).
That MBS and its duopoly peer, Resorts World Sentosa, each recently negotiated with the Singapore Tourism Board to develop expansion projects worth a combined US$13 billion – projects that are viewed as a win by all parties – highlights just how successful this ongoing collaboration between government and private enterprise has proved to be. No other jurisdiction on earth has come close to replicating it.
But there appears to be a challenger on the horizon. The United Arab Emirates has been steadily building out a regulated gaming market that many believe can become the envy of the gaming world. And while its approach has been vastly different from that of Singapore in terms of public proclamations on its plans, there is no doubt the UAE’s regulator is making all the right moves.
Led by a globally-respected team that until recently included veteran US regulator Kevin Mullally and is now headed by former MGM Resorts CEO Jim Murren, the General Commercial Gaming Regulatory Authority (GCGRA) has made no secret of its intention to set a new benchmark for excellence – the “gold standard” if you will.
And it plans to achieve this by encouraging its licensees – be they operator or supplier – to push the boundaries of innovation. Speaking at SBC Summit in Lisbon in September, Mullally even went as far as to promise that the GCGRA would work with industry to ensure such innovation is not quashed by regulatory restrictions.
“Technology should lead, not the regulations,” he stated. “We want the technology providers to focus on entertainment, not look at the regulations and say, ‘I have to design my games within this box’. We want innovation to lead and regulation to adapt, not the other way around.”
The UAE will soon be home to one of the few – possibly the only – integrated resorts in the world that can rival Marina Bay Sands for luxury by way of Wynn Al Marjan Island. Wynn is currently the only operator to hold a land-based gaming facilities license, while the GCGRA has been careful in dishing out its supplier licenses, with 17 issued so far, alongside one internet gaming license.
That it has refrained from scattering licenses like confetti is notable and plays to the deliberate nature of the GCGRA’s regulatory approach.
Little wonder, then, that holding a UAE license is quickly becoming the industry’s version of a winning lottery ticket.
