Wynn Resorts is setting new precedents in the UAE with its $5.1 billion Wynn Al Marjan Island project, positioned as the region’s first-ever licensed casino resort. Located in Ras Al Khaimah, the development could elevate the emirate to rank among the world’s largest casino markets, according to Max Tappeiner, President of Wynn Al Marjan Island.
Tappeiner shared this vision at the recent Future of Ras Al Khaimah Conference, remarking that the resort might join global heavyweights like Las Vegas, Macau, and Singapore as a premier gaming destination, potentially ranking as the world’s fourth-largest casino market.
The Wynn project extends beyond luxury and entertainment, most importantly marking the UAE’s entrance into the regulated gaming space. Last month, the General Commercial Gaming Regulatory Authority (GCGRA) granted Wynn the UAE’s inaugural gaming license.
Render of the proposed casino
According to Tappeiner, Wynn Al Marjan Island represents a pivotal shift in the industry. “There are only three major gaming markets in the world right now, and we think this could become the fourth,” he said at the conference.
The resort, scheduled to open in early 2027, is set to boast a range of upscale amenities, including luxury suites, signature restaurants, bars, a beachfront day club, and a large conference center catering to business and leisure travelers alike. While gaming will occupy only about 5% of the resort’s total area, its impact is expected to be significant, thanks to its strategic location.
Within an eight-hour flight radius, the property has access to 96% of the world’s population, with 76% of the global population within that same range directly from Ras Al Khaimah. Moreover, given its proximity to Dubai, its unique appeal could attract affluent guests, making the Wynn project a key driver for high-value tourism.
The development is a collaborative effort between Wynn Resorts and RAK Hospitality Holding, with construction progressing rapidly on the emirate’s skyline, surpassing 90 meters and currently extending beyond the 15th floor. Originally budgeted at $3.9 billion, the project now stands at $5.1 billion as its scale and amenities continue to expand.
Render of the proposed casino
Wynn Al Marjan Island’s success could potentially open doors for other integrated resorts in the UAE, industry experts suggest. MGM Resorts has expressed interest in securing a UAE gaming license, and analysts forecast the UAE market could generate between $3 billion and $5 billion in annual gross gaming revenue if multiple operators enter the scene.
However, at the time being, Wynn is the only company making tangible progress in the market, which the operator expects to give it a competitive advantage. “It takes somebody exceptional to build a building like this, somebody who is committed to the absolute best and will not compromise on their vision. We intend to drive this asset as fast as possible to ensure we fulfill the vision,” Tappeiner added.
Meanwhile, the company has reported a slight revenue increase for the third quarter of 2024, amid robust demand across its international properties and ongoing expansion into emerging markets. The company announced that operating revenues for Q3 2024 rose to $1.69 billion, up by $21.4 million compared to $1.67 billion in the same period last year.
Original article: https://www.yogonet.com/international/noticias/2024/11/06/84405-al-marjan-project-could-pave-way-for-uae-to-become-fourth-biggest-casino-destination-wynn-says
