UAE casino, the first full international standard casino in the United Arab Emirates is expected to attract more than five million tourists.
The newspaper is quoting a report from investment managers Colliers International and said that the estimated uplift in the number of visitors to the Ras Al Khaimah emirate would be achieved by 2030.
Wynn Resorts will build the casino on Al Marjan Island and the emirati authorities are currently preparing gaming regulations to control the venue, which will be the largest foreign direct investment project in RAK.
The UAE casino will have 1,200 hotel rooms and around 20,000sq.m of retail and F&B in addition to the 20,000sq.m of gaming. The project will cost around $2bn. It is expected to open towards the end of 2026, said Colliers.
Its report went on to add: “Given the scale of the project, its unique concept and existing global demand, the Wynn Al Marjan Island is expected to have significant impact on the tourism segment of the Emirate.
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“RAK is anticipated to benefit from positive externalities of the ‘Wynn Effect’, with impacts such as increased visitation, additional hospitality demand and an overall uplift to its economy.
“Based on an analysis which studied the impact of the opening of gaming facilities on visitation, and considering the characteristics of RAK’s tourism, it is envisioned that the Wynn Al Marjan Island will induce significant demand in its first year.
“This is expected to be followed by a prolonged secondary growth period, lasting three years. As a result, it is estimated that the city will welcome over 3.8 million visitors by 2027, growing at a CAGR of 28 per cent from 2022.
“By 2030, it is envisioned that the city will be able to welcome over 5.5 million visitors, contingent upon the success of the Wynn resort, overall positively impacting the economy across all factors, ranging from employment to overall GDP.”
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