DUBAI, United Arab Emirates — American casino developer Wynn ResortsIt has now set its sights upon a market that is yet to allow gambling, the United Arab Emirates. 

Nevada-based casino titan, Casino.com, on Tuesday announced that it had reached a multibillion-dollar partnership with Ras al-Khaimah in the UAE. The deal will allow for the opening of a luxurious 1,000-room hotel. There will be 10 restaurants and lounges as well as a conference facility and shopping opportunities.

This announcement was made in conjunction with the Ras al-Khaimah Tourism Development Authority’s statement introducing the Department of Entertainment and Gaming Regulation. It will regulate integrated resorts that include entertainment venues, hotels, restaurants, spas and retail shops.

Gaming is commonly used to refer to gambling when it comes in contact with leisure and hospitality venues. However, cash betting was unclear. CNBC reached out to RAKTDA for clarification but they were not available immediately.

According to the Associated Press, “The recently announced integrated resort” is in an early design phase. It will be completed by 2026, according Marjan, Ras Al-Khaimah developer. “These are all details available at the moment.”

The UAE, famous for its glitzy skyscrapers, mammoth shopping malls and rolling deserts, has often been compared to Las Vegas — save for a few major differences, the biggest of which is that the Arab sheikhdom’s official religion is Islam, which forbids gambling.

While alcohol consumption and wearing bikinis on the beach have long been allowed in most of the country, setting it apart from many of its Middle Eastern neighbors as a foreigner-friendly expat hub, there has been no place for gambling — even with the building of a Caesars Palace in Dubai.

The announcement made Tuesday by Ras al-Khaimah Tourism Development Authority would have a significant impact on the country and the Emirate. This would be yet another in a series of gradual liberalizing reforms that aim to diversify UAE’s oil-dependent economy, and allow it to compete for foreign investment, tourism and talent with other countries. 

Wynn Resorts CEO Craig Billings stated that the region has tremendous potential to be a destination for tourism and hospitality. He also described Al Marjan Island as “a beautiful setting” and “an ideal greenfield site.”

Al Marjan, a manmade island located less than one hour from Dubai International Airport.  

“Global best practices” in regulation of gaming, RAKTDA stated in its statement. The regulator will take into account the Emirate’s “social cultural, environmental, and economic landscape and address licensing, taxation, operation procedures and consumer protections.

The statement stated that “the foremost priority of the new division is to establish a strong framework that will ensure responsible gambling at all levels.”

Ras al-Khaimah, the UAE’s most northern emirate is trying to draw tourists to the country while also competing with Dubai which is its commercial and tourist capital. UAE is comprised of seven sheikhdoms or emirates. Each one has its own leader, but ultimately allegiance to Abu Dhabi’s national leadership.

Wynn shares were trading at $83.92 per ounce at 10:30 am. ET: The stock was down by 1% due to a report that Wynn plans to divest its online gambling unit for $500million. That is an incredibly steep discount on the $3B valuation.