Ras Al Khaimah will be home to the UAE’s first casino, states a report. According to the news source, Wynn Marjan is planning the casino operations in the emirate and the authorities are busy writing gaming laws for the casino, using Singaporean and US regulations as its foundation. It is worth mentioning that the country has never before allowed gambling, so it will be a new market for the casino developer.
Plan for Wynn’s First Casino Bigger than Las Vegas
UAE is renowned worldwide for its year-round hot weather, pristine beaches, tourist attractions, strong infrastructure, a burgeoning economy and promising real estate sector. Interestingly, the country will soon be introducing its first-ever casino, which will also be spectacular in terms of size and features. Wynn Marjan has already started planning how its casino will operate in Ras Al Khaimah.
“We certainly don’t want to underbuild the casino,” Nevada-based casino giant Wynn Resorts CEO Craig Billings states. “The casino component, where at least for some period of time, we will be operating on our own, which makes it quite exciting is shaping up to be somewhat larger than Wynn Las Vegas, but with numerous pockets of energy and compression.”
Wynn Marjan is set to open in 2026 on Dream Island, in Ras Al Khaimah and now according to news, it will be home to 18,500 sq. m. casino. If the information is to be believed, it will be one of the ten biggest facilities in the world and almost double the size of the one in the Wynn’s Vegas property. Currently, Wynn is fully focused on this project because it has a very high return opportunity, so the company must give undivided attention to the design and development efforts of the casino, at the moment.
Investors benefit from Dubai real estate sector
The UAE is always famous for its towering skyscrapers, giant shopping malls, sun-kissed beaches, rolling deserts and glitzy lifestyle to the world’s high-net-worth individuals and has always been compared to Las Vegas – except for a few epochal.
The properties for sale in Dubai are always considered to be the major attraction for foreign investors. Previously, when the international air travel ban was lifted and people visited Dubai for Expo 2020, a larger chunk of potential investors took interest in Dubai real estate sector. A majority of foreign buyers invested in properties in Dubai, with plans to make Dubai their second home. According to S&P Global Report, international investors attract to Dubai’s safe haven status.
With the construction of Wynn Resort, residential properties for sale in Dubai, hotels or theme parks will not remain the sole attraction for tourists and property investors. The resort can change the realm of the investment scenario in the UAE, with more and more people start focusing towards commercial properties and hotel developments. It can open a whole-new investment scenario for potential foreign investors and property buyers.
RAK tourism authority come forward
The Tourism Development Authority of Ras Al Khaimah has already created a division for regulating integrated resorts and set up a new Department of Entertainment and Gaming Regulation. The basic set of tasks of this authority is to consider the social, cultural, and environmental landscape of the emirate and cover licensing, taxation, operational procedures, and consumer safeguards.
“The foremost priority of this new division is to create a robust framework that will ensure responsible gaming at all levels,” according to a statement from RAKTDA. The hospitality chief also indicated the connectivity and diversity in the emirates. “Gaming” is synonymously used for gambling in the context of hospitality and leisure venues, though it was not clearly mentioned here.
However, this new move represents another step in a long series of reforms being introduced to diversify the UAE’s conventional oil-based economy and compete with the world for tourism, investment and foreign talent. Recently, the UAE government has also introduced new residence laws, and thanks to the new Golden Visa rules, which are a golden boost to Dubai property sector.
“The UAE is already a substantial destination for not only the region but for Europe, for Brits, for Germans, for really folks from all over the place. So this is a significant customer acquisition opportunity and a really material extension of our brand. When we open that property, 95 per cent of the world’s population will be within an eight-hour flight of a Wynn Resorts property,” he said.
Ras Al Khaimah – A hidden jewel
When it comes to popularity, Ras Al Khaimah is not as popular as Dubai, Sharjah and Abu Dhabi, in terms of development and commercial activities. However, the northernmost emirate of UAE has long been working to attract local and international tourists and compete with the country’s commercial and tourism capital of Dubai. The UAE is a cluster of seven emirates, ruled by individual leaders but are allegiant to the national leadership in Abu Dhabi.
Wynn Marjan – Look and Feel
It is roughly estimated that Wynn Marjan will cost US$2 billion, with a management agreement on top. Moreover, Wynn Resort will be the only hotel on Dream Island, as all other projects are spread across the other zones known as Breeze Island, Treasure Island and View Island.
As it is previously mentioned the Wynn Resort will be located on once abandoned Dream Island, Ras Al Khaimah. This unused patch of unused Island was once planned to bring Ibiza parties to the Middle East. However, Dream Island never experienced this kind of development earlier and if the current plans stand, Wynn Resort will be the only construction on the site. Wynn Resorts is renowned for its opulent casinos, hotels, and gambling hubs of Las Vegas and Macau.
Wynn Marjan is the first beachfront resort being developed by Wynn Resorts globally. The current blueprint showcases a 1,000 plus room hotel, a high-end shopping mall, a state-of-the-art meeting and convention facility, a contemporary spa, more than 10 restaurants, cafes and lounges, a wide array of entertainment options, a gaming area and several other resort facilities and amenities.
Renders and plans of the project are to be released early next year.
