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Thu, Nov 21, 2024 | Jumada al-Awwal 19, 1446 | DXB
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UAE: Casino operator Wynn reveals gaming area size at Ras Al Khaimah property
Wynn says its land-based gaming facility licence is valid for 15 years
Photo: Supplied
Wynn Al Marjan Island in Ras Al Khaimah will feature a 225,000sqft gaming area, its developer said in an investor presentation. This constitutes about four per cent of the property’s gross floor area.
Earlier this month, the UAE's General Commercial Gaming Regulatory Authority (GCGRA) confirmed to Khaleej Times that hotel and casino operator Wynn Resorts was awarded the country’s first commercial gaming operator's licence. The authority lists it as a ‘land-based gaming facility licence’.
In its investor presentation, Wynn also disclosed that the licence is valid for 15 years and can be renewed. Additionally, the UAE will have a “maximum of one land-based licence per emirate”. Wynn expects that two other “competitive integrated resorts” will eventually operate in the UAE. US-based MGM Resorts International announced last month that it had applied for a licence to operate a gaming facility in Abu Dhabi.
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Wynn said it expects its Al Marjan Island property to bring “meaningful long-term economic benefits” to Ras Al Khaimah. These include increased employment of 7,500 staff upon opening, an increase in leisure and MICE (meetings, incentives, conferences and exhibitions) tourism, as well as higher tax revenues.
The total inflation-adjusted cost of the property is estimated at $5.1 billion, with $4 billion allocated for project-related expenses (excluding land, capitalised interest and financing fees). This represents the “largest-of-its-kind foreign direct hospitality investment in Ras Al Khaimah”.
According to an overview map of the project, the gaming facility and the hotel are located in the middle of the property, surrounded by a private beach, marina, conference centre, and retail spaces.
Wynn expects its Al Marjan Island property to generate “strong gaming and non-gaming revenue”.
'Full-scale luxury integrated resort'
A Wynn spokesperson previously told Khaleej Times that while the gaming area will be “centrally located”, visitors can explore the destination without needing to enter it.
Wynn described its RAK property as a “full-scale luxury integrated resort development”. It will be the first gaming resort in the Middle East and North Africa (Mena). The development is also the company's first beachfront resort and is being built on a island number three of Al Marjan — a man-made cluster of four islands.
Construction on the project began in early 2023, and the developer expects the resort’s tower to be completed by the fourth quarter of 2025. When complete, it will be the tallest building in Ras Al Khaimah.
Interior work will continue until the first quarter of 2027, with a “pre-opening” scheduled for early 2027.
Wynn Resorts holds a 40 per cent equity ownership in the joint venture with Marjan and RAK Hospitality Holding.
The property will feature 1,542 rooms and suites, including 297 suites, six townhouses, and 22 villas. It will also include 22 dining outlets, a shopping esplanade, and a meetings and events centre.
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Sahim Salim
As Associate Editor, Sahim Salim helps tell the UAE story like no one else does - and leads a team of reporters that asks the questions to get news and headlines that matter.
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