Ras Al Khaimah is poised to become the first location in the United Arab Emirates to host a fully integrated luxury casino resort, Wynn Al Marjan Island, scheduled to open in early 2027. The development follows the issuance of the UAE’s first Commercial Gaming Facility Operator license in 2024 by the General Commercial Gaming Regulatory Authority (GCGRA), signaling a significant shift in the country’s approach to gaming and tourism.
The project aims to position Ras Al Khaimah as a major international tourism destination, alongside established gaming hubs like Las Vegas and Macau. Wynn Al Marjan Island will offer high-finish accommodations, casino facilities, fine dining, wellness offerings, entertainment, and beachfront access. The average tourist expenditure in the UAE currently exceeds that of both Las Vegas and Macau, reaching $1,414 per visit, according to recent data.
For years, Wynn Resorts has been largely viewed as a company focused on the Macau market, but that perception is expected to change with the opening of the UAE resort. Wynn Las Vegas operations, encompassing the Wynn and Encore properties, experienced a decline in operating revenues in the fourth quarter of 2024, falling to $604.2 million from $616.0 million in the prior-year period. Adjusted Property EBITDA similarly decreased, dropping from $222.2 million to $198.6 million. These results reflect broader cooling trends on the Las Vegas Strip.
The UAE’s entry into the global gambling market comes after the formation of a federal gambling regulatory authority and growing discussion of legal casinos. The move represents a departure from the country’s previous complete ban on gambling, and a move towards a tightly controlled gaming environment. The emirate intends to attract high-end international travelers by blending luxury hospitality with cutting-edge casino technology.
Wynn Resorts reported a net income attributable to the company of $111.0 million, or $1.01 per diluted share, for the quarter ended December 31, 2024 – a decrease from the $153.4 million, or $1.38 per diluted share, reported in the same period the previous year. Total operating revenues were $1.84 billion, a slight increase from $1.83 billion. The resort is strategically located on Al Marjan Island, approximately 50 minutes from Dubai International Airport and 15 minutes from RAK International Airport.
