A Casino In The UAE? Let's RAK & Roll

A casino is coming to the UAE. The emirate rolling the dice, with this extraordinary gamble, is the northernmost territory of Ras Al Khaimah, also known as RAK.

The Wynn Marjan Island Resort is set to open in 2027. The $3.9 billion luxury integrated resort will be the first casino in the UAE; setting a ground-breaking precedent in a region where gambling is traditionally banned.

Wynn received its commercial gaming license from the General Commercial Gaming Regulatory Authority (GCGRA) in October and will pay a blended tax rate of between 10% and 12% of gross gaming revenue (GGR), which makes the UAE comparable to the set-up in Singapore.

The EBITDA of the resort is expected to be between $390 million and $570 million, with ultra-high net worth individuals contributing up to 37% of the GGR. Tourists and domestic visitors will make up the balance.

A casino in the middle of the desert? Who thought that would be a good idea?

Analysts predict that the UAE could rapidly become the Las Vegas of the Middle East and North Africa (MENA) region, as neighboring emirates see the revenue roll in.

Regional Aftershock

When you think about the UAE, it is usually Dubai and Abu Dhabi at the vanguard of innovation and enterprise. Both emirates are highly developed countries with well-established tourism and infrastructure.

The new Wynn project has been billed as the first casino in the MENA region. This is not strictly true; there are already casinos in Egypt, Morocco, Tunisia, Israel, and Lebanon. However, none of these are integrated resorts, and they do not have the ambition of Wynn Al Marjan Island, which boasts:

• 5.6 million total square feet of prime picturesque beachfront real estate
• 1,500 luxury hotel rooms, suites, and villas
• 120,000 square feet of luxury retail space
• 100,000 square feet of MICE space (Meetings, Incentives, Conferences and Exhibitions)
• A unique theatre space with its own production show
• 24 food and beverage outlets
• A gaming area that comprises a minimum of 4% of gross floor area
• An extra 115-acre site with options for long term development

The bars and restaurants will range from ‘high-energy social destinations to fine dining.’ There will be an exclusive nightclub featuring world-renowned DJs, as well as a beach club situated on its own exclusive white sand beach.

The property has 3.6 hectares of tropical landscaping, including wading pools, swimming pools, water features. Inside will be 15,000 square meters of luxury shopping, as well as a five-star spa and salon.

The new casino resort will be the centerpiece of Al Marjan Island, a four island, man-made, development extending 4.5 kilometers (approx. 2.8 miles) into the Arabian Gulf, comprising four coral-shaped islands: Breeze Island, Treasure Island, Dream Island and View Island.

The island is still under development. Once completed, it will host up to 20,000 people in hotels, residencies, and other facilities.

State of Play

The UAE has a reputation for getting projects completed on time. In November, Wynn Resorts released a construction update announcing that 55% of the structural concrete is now complete, up to the 26th floor.

More than 9,000 construction workers and architects are on site, with 100 concrete trucks arriving every day. The construction team is completing one floor a week, working towards topping off in December 2025.

Ras Al Khaimah has always been overshadowed by its more decadent neighbours Dubai and Abu Dhabi. Wynn clearly thinks its $900 million investment, for a 40% stake, is money well spent. Investors agree: land prices in RAK are soaring.

Wynn CEO Craig S. Billings is bullish about the future. “I believe the UAE is the most exciting new market for our industry in decades,” he said.

And Wynn is putting money where its mouth is, with a sizable land grab on the Al Marjan resort. The deal also includes more than 200 acres of land on the islands.

“We have more than 155 acres on Island Three, where the resort is located. Our joint venture also owns 70-plus acres for potential land development on the island. We are confident that acquiring this sizable Marjan land bank will prove valuable over the long-term."

Betting on the Future

The ‘Wynn effect’ is already making waves in the Red Sea. MGM Resorts has a $2.5 billion non-gaming project in Dubai. The two million square feet, three hotel, resort on Jumeirah Beach will feature a Dubai Sphere, but no casino.

MGM Resorts has also applied for a casino license in Abu Dhabi. Operators are already looking for potential sites, online casinos are not going to be legalized in the UAE anytime soon, with Yas Island and a site close to the port being the early possibilities. The new Wynn RAK casino gives Wynn a five-year head start.

“It will likely be us and us alone for a multiyear period," said Wynn CEO Craig S. Billings. "After that, it may be a duopoly or an oligopoly of three. We are confident the resort will be a ‘must-see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth.”

Most Viewed Articles