After years of speculation, the United Arab Emirates is a step closer to becoming the first Gulf state to legalize casinos — a move that could eventually pull in almost $7 billion of revenue annually.

The country set up a federal body — chaired by gaming veteran and former chief executive officer of MGM Resorts International Jim Murren — to regulate commercial gaming and a national lottery. Murren helped to transform MGM into the largest casino owner on the Las Vegas Strip and has over 30 years of experience. Kevin Mullally, who has also worked in the industry for almost three decades, will be CEO.