Today, we head about an hour north of Dubai to the emirate of Ras Al Khaimah, to Al Marjan Island. This location is being mentioned more and more in the investment world. Why?
Al Marjan Island is set to welcome the largest casino in the Middle East—the luxurious Wynn Al Marjan Island resort, scheduled to open in 2027, promising to revolutionize tourism and real estate. This will be the first casino in the United Arab Emirates, with a budget of $3.9 billion. The resort will offer 1,500 luxury rooms, exclusive spas, a theater, 24 restaurants and bars, and a gaming floor larger than its famous counterpart in Las Vegas. The entire complex will reach a height of 305 meters, making it the island's landmark.
Thanks to this project, Ras Al Khaimah is becoming the focus of investors' attention, with developments in the real estate market already accelerating. It is expected that with the casino's opening, the value of luxury residential and commercial spaces in the vicinity will also rise.
Predecessor in Las Vegas
Wynn Las Vegas, opened in 2005, is one of the world's most exclusive resorts. With 4,750 rooms, 33 restaurants, and premium shops, it has become an icon of the Strip. The casino has gained renown not only for its gaming space but also for its top-notch services.
The real estate market in Las Vegas experienced tremendous growth during the casino's construction. Between 2003 and 2006, the median home price in Las Vegas nearly doubled—from $155,000 to $315,000. Although the market declined after the 2008 economic crisis, it has been booming again in recent years.
What could be the impact on the real estate market in Ras Al Khaimah?
The construction of Wynn Al Marjan Island is likely to have a similar effect as the construction of Wynn Las Vegas. Investors and tourists focused on the luxury segment will likely increase demand for real estate. Prestigious hotels like Hilton, Radisson, and Rixos are already present, indicating that the area has enormous potential for further growth.
Wynn Al Marjan Island and Wynn Las Vegas share a vision of luxury and exclusivity, but while Las Vegas has long been established in the casino industry, Ras Al Khaimah is just entering the scene. However, if the market development follows the same trajectory as in Las Vegas, we can expect a significant increase in property values and an influx of new investors. Thus, Wynn Al Marjan Island could become not only a gaming but also a real estate game-changer for the Middle East.
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