In the beginning of October 2024, Wynn Resorts secured the first-ever commercial casino license in the United Arab Emirates, marking a historic milestone in the region’s tourism and entertainment industry. The license is for a resort currently under construction on Al Marjan Island in Ras Al Khaimah, a project valued at $3.9 billion. This venture is part of the UAE’s broader strategy to enhance its tourism offerings amid growing regional competition, especially from Saudi Arabia. The resort is expected to open in 2027 and will target international visitors, particularly from Asia.
The upcoming Wynn Resorts project marks the region’s first legal casino and is projected to have a major impact on the local economy and tourism. The resort will feature 1,500 rooms, 22 restaurants, a luxury shopping experience, and extensive entertainment options including a theatre and an 18,500-square-foot casino floor.
In terms of financial projections, the UAE gaming industry is expected to generate between $3 billion to $5 billion in gross gaming revenue (GGR) annually, with Wynn’s Al Marjan Island resort alone potentially contributing around $1.4 billion in GGR by the time it stabilizes. The country’s strategic move to legalize gaming aims to position it as a global tourist destination, rivaling well-known markets like Singapore. Analysts see significant potential for growth, especially with favorable tax regimes and a lack of competition in the region.
The broader UAE market, which could include integrated resorts in other cities like Dubai and Abu Dhabi, is projected to bring in up to $8.5 billion in revenue if gaming licenses are fully expanded. This development is part of the UAE’s broader liberalization and economic diversification efforts, aimed at boosting the tourism sector and capturing a share of the international gambling market.
RAK property prices have surged significantly, driven by Wynn Resorts’ ambitious project in Ras Al Khaimah. As per our observations on the market and estimates, apartment prices on Al Marjan Island now range from AED 1,500 to AED 3,000 per square foot, nearing Dubai’s prime real estate rates of AED 2,000 to AED 3,500 per square foot. While Dubai remains marginally more expensive, RAK’s property market is rapidly catching up.
This growth, spurred by Wynn’s development, reflects a pattern similar to Dubai’s past booms, where large-scale projects attracted international attention and raised property values. Investors have been betting on RAK’s potential for nearly two years by now, anticipating its rise as a luxury destination to rival Dubai.
The impact of Wynn’s casino is clearly visible in RAK property prices, which have sharply increased even before the project is completed. The market has already factored in much of the potential returns, with speculators banking on future tourism growth. As RAK moves toward becoming a global gaming destination, further drastic price hikes may be less likely until the casino officially opens and begins drawing high-end clientele. The ongoing development and already elevated prices suggest the market has adjusted for much of the upside potential tied to Wynn’s project.
