Wynn Resorts has announced plans to develop a new multi-billion dollar integrated resort, with gaming, in the United Arab Emirates.
Due to open in 2026, the resort will be built on the man-made Al Marjan Island in Ras Al Khaimah, in partnership with property developer Marjan and local hospitality giant RAK Hospitality Holding. It will feature a luxury hotel with more than 1,000 rooms, a high-end shopping mall, state-of-the-art meeting and convention facility, an exclusive spa, more than 10 restaurants and lounges, an array of entertainment choices and other amenities, Wynn said.
The company specifically notes that the property will include a “gaming area” with the Ras Al Khaimah Tourism Development Authority (RAKTDA) also announcing on Tuesday the formation of a new division focused on the regulation of integrated resorts.
This will include, the authority said, “hotel operations, convention space, entertainment, restaurants and lounges, spa, retail and gaming facilities.”
“Following global best practices in the regulation of gaming that operate as part of integrated resorts across various jurisdictions worldwide, the Department of Entertainment and Gaming Regulation within RAKTDA will consider the social, cultural, and environmental landscape of the Emirate and cover licensing, taxation, operational procedures, and consumer safeguards,” it explained.
“The foremost priority of this new division is to create a robust framework that will ensure responsible gaming at all levels.”
Wynn said it would apply for an integrated resort licence from RAKTDA with its new resort currently in the initial stages of design and development.
“Al Marjan Island is a pristine setting and an ideal greenfield location for us to create the one-of-a-kind guest experiences for which Wynn Resorts is renowned,” said recently appointed Wynn Resorts CEO, Craig Billings.
“The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah.”
Abdulla Al Abdooli, CEO of Marjan, said the IR would “add to the Emirates’ destination strategy to attract tourists from across the world.
“By leveraging Wynn Resorts’ expertise in developing luxury hospitality destinations, the new development will raise the benchmark in luxury hospitality in the region,” he said. “It will also create exceptional value to the Ras Al Khaimah economy and boost the leisure, business, and MICE tourism sectors.”
Located 45 minutes from Dubai International Airport, Al Marjan Island spans 2.7 million square meters of reclaimed land extending into the Arabian Gulf, with more than 7.8 kilometers of beaches and 23 kilometers of waterfront. Wynn’s new IR will cover 250,000 square meters and incorporate views over the Arabian Gulf.
Although Wynn provided no details on the company’s financial stake in the development, Morgan Stanley analysts said Wynn appears to have a minority stake and estimates it will need to invest around US$333 million assuming a development cost of US$2 billion, an equal three-way share between the partners and a 50/50 debt to equity split. It is also likely that Wynn will run gaming operations on a management basis.
It was reported in the US earlier this week that Wynn is currently looking to offload its sports betting and iGaming business, WynnBet, for US$500 million.
RelatedPosts
