The Wynn Resort and Casino, which is set to become the United Arab Emirates’ first casino, is proving to be a draw for real estate investors, especially given Ras Al Khaimah’s (RAK) dynamic landscape. According to recent research, the emirate’s appeal for property investment has significantly increased, especially among high-net-worth individuals (HNI).
The forthcoming 18,500 sq m Wynn casino, slated to open its doors on Al Marjan Island in 2027, has become a catalyst for attracting global property investors. The survey, encompassing 183 HNWIs globally, reveals that nearly one-third of respondents express a heightened interest in investing in RAK due to the casino project. Notably, this interest skyrockets to an impressive 60 percent among respondents from East Asia, showcasing a strong regional appeal.
RAK’s Transformation: Beyond the Casino
Ras Al Khaimah, with a population of 116,000, has been strategically transforming its tourism offerings since 2004. The addition of hotels, golf courses, and extreme sports attractions positions RAK as an enticing alternative to Dubai. The Wynn hotel and responsible gaming resort, currently under construction, are integral to this transformation.
The impact is not limited to tourism; RAK is witnessing increased investment activities from developers who were not previously present in the emirate. This marks a positive trend, with RAK aligning its attractions with the evolving preferences of global investors.
Wynn Resort and Casino: A Game Changer for Property Investment
While 55 percent of global HNWIs remain unaffected by the emergence of a gaming resort in RAK, a substantial 30 percent find it more attractive as an investment destination. This figure climbs to an impressive 50 percent for individuals with a net worth exceeding $10 million. The data suggests that the casino is not merely a recreational addition but a significant factor influencing high-net-worth individuals’ investment decisions.
A positive trend for investment and tourism in the UAE, particularly in emirates like RAK that actively diversify their attractions. The alignment with global investor preferences positions RAK as a strategic investment destination.
Speculations and Future Trends
The debut of the Wynn Resort and Casino has fueled speculation about the possibility of more casinos in the UAE. While no concrete plans have been unveiled, The survey indicates that 42 percent of respondents anticipate additional casino developments in the country. This anticipation increases to 54 percent when considering those interested in residential purchases in Dubai.
Last month, RAK’s Tourism Development Authority CEO, Raki Phillips, expressed openness to more hotels incorporating “gaming” elements. As RAK aims to achieve five million visitors by 2030, the emirate remains receptive to conversations with operators, signaling a potential shift in the region’s hospitality landscape.
In addition to the gaming area, the Wynn Al Marjan Island will feature 1,500 rooms, a shopping mall, conference facilities, spa, and over 10 restaurants and lounges. The multifaceted nature of this project reflects a holistic approach to entertainment and luxury, further enhancing its appeal to investors and tourists alike.
In conclusion, the Wynn Resort and Casino emerge not only as a symbol of entertainment but also as a strategic investment opportunity. As RAK continues its evolution into a diversified tourism hub, the casino serves as a pivotal attraction, reshaping the landscape for property investors seeking lucrative opportunities in this dynamic emirate.
