Saudi Arabia's Vision 2030 scheme is undoubtedly one of the most ambitious tourism development plans undertaken by a single country. First announced more than four years ago, the project gathered pace in April when Saudi Arabia‘s flagship tourism developer secured $3.77 billion funding. The Red Sea Development Company (TRSDC) took out the ‘green loan’ from four Saudi banks to finance the first phase containing 16 new hotels.
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This immediately reignited talk that the Las Vegas-style development could feature at least one casino despite the strict rules governing such practices in the Kingdom. While there are online casinos in Saudi Arabia, religious restrictions have previously prevented the building of land-based gambling establishments. However, with Saudi reportedly keen to establish itself as a global powerhouse in tourism, casinos may well be included in the finished project.
The initial phase of hotels is part of a luxury tourism development located across islands, deserts, and mountains near the Saudi west coast. Powered by renewable energy, they will stand close to other facilities such as shops, businesses, leisure, and housing.
The first three hotels are on track to begin welcoming visitors by the end of 2022 alongside the newly built Red Sea International Airport. The project forms an integral part of Saudi Arabia’s Vision 2030, a multi-billion-dollar plan aimed at diversifying the economy away from oil. Around 300,000 additional tourists are projected to travel to Saudi in the first phase and it is hoped that tourism will contribute 10% of gross domestic product by 2030.
TRSDC has already entered into initial agreements with around a dozen luxury hotel brands, with formal announcements set to be made over the coming months. One of the biggest hurdles the project will need to overcome is the segregation between males and females in Saudi society. The constraints of the Islamic religion can be tricky for the tourism and entertainment sectors to navigate, and it is unclear how this will impact the new project.
While Saudi has a population of more than 34 million people, attracting foreign visitors is essential if Vision 2030 is to be successful. Although gambling is illegal in all its forms in Saudi, it is not beyond the realms of possibility for the country’s rulers to relax their stance.
As highlighted by Macau’s emergence as a major gambling hub in recent years, easing the restrictions will give the project a much better chance of succeeding. Whether Saudi can establish itself as a genuine rival to Vegas is a debate for another day, but the plans unquestionably have the potential to be hugely exciting for the gambling industry.