Plenty of excitement
Wynn Resorts is building a resort on the Marjan Islands in Ras Al Khaimah that will have space for a gaming floor if the United Arab Emirates (UAE) finally gets the green light for its first-ever casino.
expectation that Wynn will get a license has led to a real estate boom in the area
The General Commercial Gaming Regulatory Authority (GCGRA) formed in September to consider regulating casinos for the first time in the region and the expectation that Wynn will get a license has led to a real estate boom in the area. With developers betting on the artificial islands becoming a major destination for tourists, construction has begun on many five-star resorts and extravagant villas.
Demand on the rise
The area was largely dormant for the past decade after the plans for a football-themed resort were scrapped, until the announcement of the Wynn project. Now demand is skyrocketing, with the price per square foot nearly tripling in a short period of time.
All the lots were snapped up and cranes are dotted around the skyline. According to a report from Bloomberg, at least 20 real estate developers are working on projects in the area. A dozen hotels are currently in the planning process, with another seven already under development.
To cater to a big influx of visitors, the international airport is getting another terminal to increase its capacity from 700,000 visitors per year to 2 million by 2027. One key issue will be providing some type of public transportation between Dubai and the Marjan Islands.
Ambitious plans
The casino company plans to open its $4bn Wynn Al Marjan Island project in early 2027; work has been underway since 2023 to develop the 1,500-room resort. It is reserving 4% of the total floor size for a gaming floor as Wynn Resorts CEO Craig Billings believes securing a license is “imminent”.
Speaking about the significance of this project, Dubai Investments PJSC CEO Khalid Bin Kalban said that it is a game-changer for the area and is “essentially bringing a mini-Vegas to Ras Al Khaimah.”
Other major casino companies also have plans to get involved in the UAE casino market if and when it comes to fruition. Each of the seven emirates will likely choose if they want legal gaming or not. MGM Resorts International is already building a mega resort in Dubai and Genting Group confirmed an interest in a project once details of potential regulations become clearer.