The UAE’s casino industry is on the cusp of a major boom, fueled by Wynn Resort’s multibillion-dollar integrated resort project on Al Marjan Island in Ras Al Khaimah. According to a recent AI-based study, luxury properties on the island are expected to see a whopping 58% return on investment over the next five years.
The Wynn Resort project is predicted to trigger an influx of investments in hotel and resort projects, transforming Al Marjan Island into a world-class hospitality destination. Apartments and villas in upcoming ultra-lux projects, such as MASA Residence and Address Residences, are expected to earn investors a significant return, with a projected 36% price appreciation over three years.
The study also projects a market-beating 19.3% annual profit on resale for apartments and villas in MASA Residence and a 10% per annum profit on resale for apartments in Address Residence. Al Marjan Island’s scenic waterfront and palm-fringed mountain road have made it an attractive location for investors and tourists alike.
The real estate prices in RAK are relatively affordable compared to Dubai, making it an attractive option for investors. The average price per square foot in Al Marjan is the highest in the emirate, reaching AED1,945.
The Wynn Resort project, scheduled for completion in 2026, will feature over 1,000 luxury rooms, a premium shopping mall, and a state-of-the-art convention center, besides a variety of entertainment options, including a gaming area. This mega-project is expected to drive up property prices and attract tourists, creating job opportunities and promoting industry growth.
With only a few casinos in the Middle East region, Wynn Resort’s project is expected to fill a significant market gap.
