By Andrei Charapenak, CEO of Major Developers
Ras Al Khaimah, UAE; 23 December 2024– For decades, Wynn Resorts has set the standard in transforming destinations. From its start in Las Vegas to its game-changing presence in Macau, Wynn’s impact has redefined what cities can achieve in tourism, entertainment, and real estate. Now, Ras Al Khaimah (RAK) is poised to experience this ‘Wynn Effect’ as Wynn inaugural resort on Al Marjan Island brings a powerful new dimension to the emirate’s future.
Wynn Resorts’ influence in Las Vegas is well-known, helping to shape not only the city’s but also entire Nevada’s reputation as a global centre for luxury and entertainment. However, it’s the story of Wynn in Macau that truly highlights what’s possible for RAK. When Wynn kicked off in Macau in 2006, the city’s tourism and real estate landscapes have changed. The results were nothing short of remarkable. By 2019, Macau was attracting over 39 million visitors a year, and its central Peninsula became one of Asia’s most expensive real estate markets. Prime areas saw property values rise fivefold. Wynn’s influence played a crucial role in this growth, helping Macau evolve from a regional destination into a world-class attraction that even outpaced Las Vegas in terms of gaming revenue and international appeal.
Now, RAK is set to follow a similar trajectory with Wynn’s arrival. The multi US billion Wynn Resort on Al Marjan Island is not just a luxury resort; it’s the UAE’s first integrated gaming and entertainment complex, expected to generate around US$1.38 billion in gross gaming revenue annually and an overall revenue of US$1.8 billion. For RAK, this project brings significant economic potential that could stimulate the local real estate and hospitality sectors, just as it did in Macau. Backed with the first-mover advantage, the Emirate is uniquely positioned to benefit from the first-mover advantage. The resort’s strategic location near Dubai also makes it a convenient getaway for tourists in the region, and with the recent expansion of the Emirate’s International Airport, RAK is more than ready to welcome an influx of international visitors drawn by the Wynn brand and its scenic landscapes.
However, Ras Al Khaimah’s ambition isn’t just to mirror the success of Las Vegas or Macau. With its beaches, mountains, and desert charm, RAK offers a tourism experience that blends luxury with natural beauty and authentic culture. The addition of the Wynn Resort will elevate RAK’s profile, positioning it as one of the premier destinations in the Middle East and offering something unique beyond gaming.
The ‘Wynn Effect’ has proven its power in cities before, and now Ras Al Khaimah is ready to take its place on the global stage. With Wynn’s investment and a clear commitment to luxury and entertainment, RAK is set to become one of the most exciting destinations in the region, establishing a new benchmark for tourism and real estate in the UAE.
