Wynn Resorts Expected To Break Ground On Proposed Integrated UAE Resort In Few Weeks
Summary
- Wynn Resorts are set to break ground on proposed UAE IR in few weeks
- The proposed IR in Ras Al Khaimah is expected to open in 2027
- An estimated $2 billion will be invested overall UAE IR
When Wynn Resorts announced in Jan 2022 that it had plans to open a multi-million dollar integrated resort (IR) in the United Arab Emirates (UAE), it came as a surprise as the UAE is an Islamic nation and gambling is forbidden.
Wynn Resorts stated that the proposed IR would be developed in Ras Al Khaimah, UAE as Ras Al Khaimah was making plans to change legislation that would permit an integrated resort.
Wynn Resorts To Break Ground In Few Weeks
Over the last year, Wynn Resorts has preferred to keep silent on its plans for its IR in Ras Al Khaimah but confirmed this week that it is likely to break ground on the proposed IR during the next few weeks. Wynn Resorts in its Jan 2022 announcement had said the IR would likely open in 2026 but has now pushed back the proposed opening to 2027.
Wynn Resorts CFO, Julie Cameron Doe shed more light on the proposed IR in Ras Al Khaimah when she made a presentation during the JP Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum which took place in the United States.
Wynn Resorts will partner with a number of local partners and an estimated combined sum of $2 billion is expected to be invested in the IR. Wynn will partner with two major firms in Ras Al Khaimah. Marjan Properties will serve as the developer of the proposed IR while RAK Hospitality Holding LLC will act as the hotel and leisure business operator.
Wynn Resorts will act as an equity investor and be on top of the business with a management contract.
Details On Proposed IR In Ras Al Khaimah
The proposed IR in Ras Al Khaimah will be developed on 29 million square feet of land on Marjan Island. There is no clear cut information as of now as to what the casino gaming space would look like as Ras Al Khaimah is still working out gaming regulations. However, there will be over 1,000 hotel rooms, over 10 restaurants and lounges, a shopping mall, a convention and meeting space and more.
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