Embarking on an Exciting Journey in UAE's Tourism Sector: Wynn Al Marjan Island Resort

At Clemson Porter, your trusted investment management partner, we understand your quest for thriving opportunities. Today, we bring you one such opportunity that's poised to redefine the UAE's tourism panorama - the Wynn Resorts' ambitious project set to debut in Ras Al Khaimah by 2026, featuring the UAE's inaugural casino.

Now, imagine this. Industry analysts Colliers project this revolutionary venture to captivate a staggering 5.5 million tourists to Ras Al Khaimah by 2030, far exceeding the preliminary target of 3 million. Presently, the groundwork is being laid, with comprehensive gaming laws in development, drawing on the best practices from tried-and-tested Singaporean and US regulations.

An Unprecedented Investment

Wynn Al Marjan Island Resort, as the leading foreign direct investment in the emirate, aspires to be an iconic landmark. Housing over 1,200 hotel rooms and more than 20,000 square meters of dynamic retail and F&B space, this project, pegged at $2bn, could be the touchstone of luxury tourism. Having announced in January 2022, the resort is on track for its grand opening in late 2026, armed with extensive gaming, entertainment, and leisure facilities.

Stimulating Economic Momentum

We at Clemson Porter believe in your vision for growth, and it's in that spirit that we share the potential impact of this ambitious project. Considering the magnitude and innovative concept of Wynn Al Marjan Island Resort, combined with its global appeal, we foresee it stirring considerable ripples in Ras Al Khaimah's tourism sector.

Anticipating the so-called 'Wynn Effect', we see promising externalities, such as boosted tourism, enhanced hospitality demand, and an overall economic upliftment. Studies predict that the resort's first year itself could witness substantial demand, setting off a steady growth phase lasting for three years, potentially welcoming over 3.8 million visitors by 2027, with a striking CAGR growth of 28% from 2022.

"By 2030, we can envisage the city opening its arms to over 5.5 million visitors, hinging on the successful run of the Wynn Resort. This could trigger a domino effect on the economy, influencing aspects from job creation to overall GDP enhancement.”

A Melting Pot of Cultures

In 2022, Ras Al Khaimah saw a myriad of tourists from diverse international markets, with Russia, Kazakhstan, the UK, Germany, and India leading the charge.

A Flourishing Destination for Tourism Investments

Ras Al Khaimah has shown a proactive approach in enticing tourists, deploying financial stimulators and channeling significant investments into ventures like Jebel Jais. The influx of investments from industry stalwarts like Aldar Properties, EMAAR, ADNH, and Nobu further underpins Ras Al Khaimah's appeal in drawing strategic partners and amassing capital.

Paving the Way Forward

The chosen main contractor, ALEC, stands ready to break new ground on the Marjan Island property - a collaboration between Marjan Island, RAK Hospitality Holding, and Wynn Resorts Limited that promises to set a new standard in luxury tourism.

As we collectively stand on the cusp of this promising new chapter in UAE tourism, Clemson Porter is by your side, committed to guiding you through the unique investment opportunities it unveils. Let's explore this prosperous horizon together.

Authored by: Allan Barker, Director, Clemson Porter RE