Wynn Resorts expects to capitalize on the nearly 30% annual growth rate in tourists visiting Ras Al Khaimah (RAK), where its UAE-based resort is slated to open in March 2027. This ambitious project marks a significant milestone as Wynn Resorts secured the UAE’s first land-based casino license from the General Commercial Gaming Regulatory Authority (GCGRA) in October 2024, heralding a new era for the country’s tourism and hospitality sectors.
The regulatory framework established by the GCGRA stipulates that each Emirate can grant one casino license, with the notable exception of Sharjah, which has opted out of offering a gambling license. In a recent presentation to analysts and investors, Wynn Resorts emphasized the immense tourism potential in RAK, drawing insights from forecasts by the local tourist board and the RAK Centre for Statistics & Studies. By 2030, visitor numbers to the Emirate are projected to grow at a compound annual growth rate (CAGR) of 26.8% to 5.3 million, with overnight guests expected to increase to 9.6 million, based on a CAGR of 13.4%.
RAK’s substantial investment in its tourism infrastructure plays a crucial role in this growth trajectory. The tourism and hospitality sector is expected to experience a 12% annual revenue increase year-on-year through 2030, as hotel room availability rises to 8,800 over the next five years. Alison Grinell, CEO for RAK Hospitality Holdings, highlighted the dominance of four- and five-star resorts, which will constitute 91.7% of the Emirate’s hotels. RAK Hospitality, the Emirate’s state-owned hospitality developer, is collaborating with Wynn on the project, with four- and five-star hotel capacity projected to increase by 134% by 2030.
The economic landscape of Al Marjan Island, where Wynn’s integrated resort is being developed, has transformed remarkably. Land prices on the island have nearly tripled since 2021, following the announcement of the project in January 2022. In 2022 alone, the Emirate saw 22 land sales transactions, with the average sales price per square foot rising from $86 to $207 by September of the current year. Additional hotel and resort projects, including those by JW Marriott, Nikki Beach, and Fairmont, have been announced following Wynn’s entry, underscoring the region’s attractiveness to investors.
Complementing these developments, RAK is investing in expanding its road network and local airport terminal, alongside new transport links, schools, and housing to support its burgeoning economy. A new tourist zone, RAK Central, is set to bolster the Emirate’s appeal, akin to the development seen in neighboring Dubai.
Wynn Resorts reaffirms its optimistic forecast for the UAE’s gambling sector, projecting a gross gaming revenue (GGR) range of $2 billion to $5 billion. The anticipation of two more integrated resorts in the country supports this outlook. Wynn expects to hold a 33% market share, with GGR reaching up to $1.7 billion. It envisions the UAE’s GGR per adult could hit $180, positioning it just behind Las Vegas, where the figure stands at $211 per adult. In terms of GGR relative to GDP, the UAE is expected to surpass the USA, with figures at 0.94% compared to 0.29%.
The Wynn Al Marjan Resort is progressing towards its anticipated March 2027 opening. The development has completed a significant portion of its external construction, including 70% of the facade’s glazing, and plans for pre-opening activities are set for Q4 2026 to Q1 2027.
In contrast, the issuance of additional casino licenses under the GCGRA has progressed more slowly. MGM Resorts has expressed strong interest in obtaining one of the remaining licenses, though the process remains deliberate. “The process is moving very deliberately here,” was a sentiment shared during a November 2024 event, emphasizing the government’s commitment to establishing a world-class regulatory framework.
Meanwhile, online gaming licenses have advanced more swiftly, with the first online license awarded to UAE lottery operator The Game LLC in July 2024. This was followed by Momentum’s launch of its iGaming brand, Play971, in Abu Dhabi in November. Reports suggest that this venture is undergoing a trial rollout, with a full launch anticipated in early 2026.
The GCGRA has also issued several vendor licenses for both online and land-based gaming, attracting interest from companies like Yolo Group, eager to establish a presence in the region. Yolo’s B2B CEO Lara Falzon acknowledged the strategic significance of their UAE license: “Beyond the commercial opportunity it represents, [our UAE licence] fundamentally changes Yolo’s positioning in the market.” Falzon noted that the license has boosted the company’s credibility and opened doors to new business discussions, laying a solid foundation for future growth.
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