The $2 billion Wynn Resort in RAK is set to transform the tourism landscape of the region. With its luxurious amenities and world-class facilities, this resort is poised to be a game-changer for RAK tourism. The investment in this project highlights the growing potential and attractiveness of RAK as a top tourist destination.
The Wynn Resort is expected to attract a significant influx of visitors, boosting the local economy and creating new job opportunities. This landmark development is a testament to RAK’s commitment to enhancing its tourism sector and establishing itself as a premier destination for travelers worldwide.
According to a report by Colliers International, a leading investment management firm, the Wynn Al Marjan Island Resort is anticipated to have a significant impact on tourism in RAK. The resort, which will house the UAE’s first casino, is projected to attract over 5 million tourists to Ras Al Khaimah by 2030, exceeding the initial target of 3 million visitors.
The report highlights the unique concept and global demand for the Wynn Al Marjan Island project, suggesting that it will contribute to its success. Referred to as the “Wynn Effect,” the project is expected to lead to increased visitation, higher demand for hospitality services, and an overall boost to RAK’s economy.
Based on an analysis of the impact of gaming facilities on visitation and considering RAK’s tourism characteristics, the report predicts significant demand for the Wynn Al Marjan Island project in its first year. This initial growth is expected to be followed by a sustained period of secondary growth lasting three years. As a result, RAK is estimated to welcome over 3.8 million visitors by 2027, with a compound annual growth rate (CAGR) of 28% from 2022.
Looking ahead to 2030, the report envisions that RAK will be able to accommodate more than 5.5 million visitors, assuming the success of the Wynn Resort. This growth is expected to have a positive impact on various aspects of the economy, including employment and overall GDP.
The report also highlights the top five international markets for tourism in RAK in 2022, which include Russia, Kazakhstan, the UK, Germany, and India. These countries are identified as key sources of tourists visiting RAK.
To attract tourists, RAK has implemented various strategies, including financial incentives and significant investments in projects like Jebel Jais. The emirate has successfully attracted major players in the tourism industry, such as Aldar Properties, EMAAR, ADNH, and Nobu, demonstrating its ability to secure strategic partnerships and raise capital.
The main contractor responsible for the construction of the Wynn Al Marjan Island project is ALEC Engineering and Contracting (ALEC), a part of the Investment Corporation of Dubai (ICD). This partnership was announced by Marjan Island in collaboration with RAK Hospitality Holding and Wynn Resorts Limited. ALEC will oversee the construction of the groundbreaking Marjan Island property in Ras Al Khaimah.