Wynn Resorts is targeting the UAE, especially the huge market opportunity in Ras Al-Khaimah. With the local tourism industry exploding at a nearly 30% annual compound growth rate, Wynn expects its first integrated casino resort on Al Marjan Island, scheduled to open in March 2027, to benefit directly. This land, positioned as the next tourism hub of the UAE, has seen its land price nearly triple since the project announcement.
Tourism industry booming, luxury hotel supply surges by 134%
According to forecasts by the Ras Al-Khaimah Tourism Authority and Statistics Center, the local tourism outlook is very bright. Visitor numbers are expected to surge at an annual compound growth rate of 26.8%, reaching 5.3 million by 2030; overnight visitor numbers are also expected to climb at an annual growth rate of 13.4% to 9.6 million. Accompanying this, tourism hotel industry revenue is expected to grow by 12% annually, with the number of hotel rooms increasing to 8,800 within the next five years. Notably, the CEO of RAK Hospitality, a local state-owned hotel developer, revealed that four-star and five-star resorts will account for 91.7% of the total hotels, with the supply of keys for these high-end hotels expected to surge by 134% by 2030. Since the commencement of the Wynn project, new projects such as JW Marriott, Nikki Beach Resort, and Fairmont Hotels have been announced.
Land values soar, regional infrastructure fully upgraded
The market frenzy is directly reflected in land prices. Since the Wynn project was announced in January 2022, land prices on Al Marjan Island have almost tripled. Data shows that in the following year, the emirate completed 22 land transactions, with the average selling price per square foot soaring from 86 USD in 2022 to 207 USD in September this year. In addition to the hotel cluster, Ras Al-Khaimah is also vigorously promoting infrastructure upgrades, including road system expansion, airport terminal renovations, and new transportation links. At the same time, to support economic growth, more schools and housing projects are also in the planning. A new tourism district called "RAK Central" is being developed, aiming to emulate its neighbor Dubai as a key tourism hub.
Targeting a 5 billion USD market blue ocean, online licenses issued faster
Wynn reiterated its optimistic forecast for the UAE gambling market to investors: the national total gambling revenue (GGR) is expected to reach between 2 billion and 5 billion USD. Wynn expects that the country will eventually have three integrated resorts, and with its first-mover advantage, it is expected to capture 33% of the market share, equating to up to 1.7 billion USD in GGR. Calculated per adult, the UAE could reach 180 USD in GGR, making it second only to Las Vegas (211 USD). In terms of GGR as a percentage of GDP, the UAE is expected to reach 0.94%, far higher than the US's 0.29%. Although the issuance of land-based casino licenses (one per emirate, except Sharjah) is cautious and slow, the licensing process for online gambling is faster. The first online license was issued in July 2024, and the operator Momentum launched the iGaming service through the Play971 brand in Abu Dhabi in November. For more dynamics and in-depth analysis of the global emerging gambling market, continue to follow the PASA official website for information.
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