DUBAI: It's been the subject of quiet speculation among diplomats and executives for years, but now global casino bosses are setting their sights on a once improbable prize - gambling in the United Arab Emirates.

Ras Al Khaimah (RAK), one of the smaller and lesser-known of the seven emirates, said earlier this year that it planned to regulate gaming in some resorts. On the same day, Las Vegas casino giant Wynn Resorts said it would build a resort licensed for gaming, or gambling, on a man-made island.

The announcements could mark a watershed moment for the Gulf, a region that has traditionally imposed stricter Islamic rules than other parts of the Middle East, and one where gambling has long been off-limits.

Currently, those seeking a flutter head to the likes of Lebanon's Casino du Liban or some upmarket Egyptian hotels.

Yet times may be changing.

Two sources familiar with the matter told Reuters that gambling in some form would be permitted in the UAE, but that it would be up to each emirate to decide whether and how to regulate it, similar to how Sharjah prohibits alcohol sales unlike other emirates. The sources said it would happen soon, without providing a specific timeframe.

Other global casino and hotel brands which have moved into the UAE could benefit should RAK pave the way for other emirates to follow – with many eyes on the bigger and glitzier jackpot of Dubai, a global tourist magnet, where gaming is currently banned.

Caesars Palace, which opened in Dubai in 2018 and is the only one of US giant Caesars Entertainment resorts globally without a casino - told Reuters that it would examine any possibility of offering gambling in Dubai.

"That acceptance now that there is going to be the potential of gaming in the UAE, in whatever form it's going to be, allows people like Caesar's and MGM as well to look at that closely," said Anthony Costa, regional president at Caesars Palace. "I think it's wonderful."

"Like anybody, if a license is able to be bid for, any global gaming company is going to want to be actively involved in the conversation," he added.

About 10km along Dubai's coast from the Caesars resort, digging has begun on another artificial outcrop to support a luxury resort by Las Vegas gambling stalwart MGM Resorts International.

When asked whether it would consider introducing gaming at the resort, MGM said "gaming has not been part of the planning and there are no updates to our plans".

A year ago Dubai, traditionally the most liberal emirate, denied rumours circulating on social media and among the business community that several hospitality venues had been granted gambling licences.

The UAE government media office, as well as the media offices of the emirates of Dubai, Abu Dhabi and Sharjah, did not respond to requests for comment on RAK's plan to regulate gambling and whether they planned to make similar shifts.

This article excerpt is a reprint from Channel News Asia. To view the complete story, share and comment, click here.