(Reuters) - Hotel and casino operator Wynn Resorts ( WYNN ) said on Friday it had been awarded the first commercial gaming operator's license in the United Arab Emirates by the country's General Commercial Gaming Regulatory Authority.

The Las Vegas-based casino firm said it was developing a luxury resort at Wynn Al Marjan Island in Ras Al Khaimah.

The project, under construction, is a joint venture between affiliates of Wynn Resorts ( WYNN ), Marjan and RAK Hospitality Holding, Wynn said.

Ras Al Khaimah's government communications office, RAKTDA, and RAK Hospitality Holding did not immediately respond to Reuters requests for comment.

The UAE last month set up a federal entity to regulate gambling and hired veterans of the U.S. industry to lead it, ending years of speculation whether the country would allow gambling - illegal across the conservative Gulf region.

The moves to allow gambling are against a backdrop of intensifying economic competition in the Gulf, especially with Saudi Arabia. The UAE last month introduced a raft of liberal legal reforms as it tries to maintain its edge as the region's trade, tourism and financial hub.