Published on: November 4, 2024, 03:23h.
Last updated on: November 4, 2024, 03:23h.
Wynn Resorts’ (NASDAQ: WYNN) upcoming casino resort in Ras Al Khaimah, United Arab Emirates (UAE) has the potential to establish the emirate as the fourth-largest gaming market globally.
This belief is shared by Max Tappeiner, president of Wynn Resort Al Marjan Island. Recently, the General Commercial Gaming Regulatory Authority (GCGRA) issued the gaming license for the Wynn establishment, marking a historic approval in the region.
Tappeiner expressed his enthusiasm about Al Marjan and its potential during the Future of Ras Al Khaimah Conference. He stated, “There are only three major gaming markets in the world right now, and we think this could become the fourth.”
He likely referred to Las Vegas, Macau, and Singapore as the current major gaming markets. Situated in Ras Al Khaimah, the $3.9 billion Wynn Al Marjan Island is set to open in early 2027, with a partnership between the gaming company and RAK Hospitality Holding managing the development.
Credibility in Wynn Assumptions on Ras Al Khaimah
If other emirates in UAE also endorse casino gaming, the country could potentially rank fourth in global gaming markets. Analysts project that through the contribution of additional integrated resorts in the future, UAE could generate $3 billion to $5 billion in annual gross gaming revenue (GGR).
These forecasts are based on Wynn Al Marjan Island’s expected $1.4 billion yearly GGR and the issuance of more licenses. MGM Resorts International (NYSE: MGM) is currently the only other casino operator publicly expressing interest in obtaining a UAE license. However, as the market in the region liberalizes, more industry players are likely to enter.
Notably, Wynn Al Marjan Island’s strategic location enables easy access to 96% of the global population within an eight-hour flight, with Ras Al Khaimah being reachable by 76% of people worldwide. Located 52 miles from Dubai, the property’s proximity to the tourist hub could be advantageous.
Given the significance of Dubai as a luxury tourism hub, Wynn Al Marjan Island’s closeness could attract affluent clientele. With its expected head start as the only casino resort in the UAE, the property’s accessibility to Dubai could be a key advantage.
Wynn Could Be at Right Place at Right Time
Wynn’s focus on non-gaming amenities like dining, entertainment, and upscale accommodations aligns with regional preferences and reservations regarding gambling. The casino at Wynn Al Marjan is projected to occupy a small portion of the total venue, emphasizing a broader entertainment experience.
Tappeiner affirmed at the conference the commitment to maintaining high standards at Wynn Al Marjan Island, stating, “It takes somebody exceptional to build a building like this, somebody who is committed to the absolute best and will not compromise on their vision. We intend to drive this asset as fast as possible to ensure we fulfill the vision.”