A panel heard that the Las Vegas brand kickstarted other investment opportunities
The upcoming Wynn Resort in Ras Al Khaimah will benefit the entire emirate, according to the CEO of Marjan. The multi-billion-dollar resort is due to open in 2026.
Speaking at Future Hospitality Summit Dubai 2022 in Madinat Jumeirah, Abdullah AlAbdouli said: “This resort will have an enormous impact on the whole emirate of Ras Al Khaimah.”
Wynn Resorts originate from the US, with the Las Vegas group specialising in integrated resorts, which usually include casinos. The RAK resort will be at Marjan Island.
Al Adbouli was speaking at a panel called Integrated Resorts & Their Impact On The Economy and said the announcement of the resort alone had generated a wave of interest in terms of investment into the emirate.
Wynn Resort RAK to bring development
The increase in interest in Ras Al Khaimah, and the amount of extra people who will call the emirate home, will see new schools, hospitals and more pop up.
AlAbdouli added: “The announcement has changed the perception of Ras Al Khaimah. A lot of investors have started to look at the opportunities here. To support this resort, we need more schools, we need more hospitals, we need more infrastructure. This resort is part of the bigger picture for the whole destination.
“The number of inquiries we’re getting for new developments and investments shows people now view RAK in a new way.”
The CEO also said land prices have increased by 30 percent and residential units by 40 percent since the Wynn Resort was announced.
A new economic era for Ras Al Khaimah
Alison Grinnell, CEO of RAK Hospitality Holdings was also on the panel. Agreeing with AlAbdoulli, she sees the 1000-key hotel boosting more than just the hotel sector.
She explained: “Ras Al Khaimah has always been a very progressive destination, we saw this resort as the natural evolution of Ras Al Khaimah. It’s a one-of-a-kind experience and we’re now looking at how we can bring in a range of new demographics.
“This integrated resort is the start of a full economic development for the emirate.”
Another area the resort is set to supercharge is job creation. Chris Gordon, president of Wynn Development, said the resort would employ “north of 5,000 people”.
Grinnell said: “The number of people this resort is employing is amazing. It just drives the whole destination up one extra level. We’re in discussions daily with our partners across the whole emirate. We’re looking at new suppliers, additional real estate needed in Ras Al Khaimah, and boosting our staff accommodation everywhere.”
The resort is expected to create brand-new staff campuses where staff and their families can live, though all developments are in the planning stage at the time of writing.
A sustainable Wynn Resort
Gordon also said the resort would likely be highly sustainable, tapping into green energy where possible and prioritising the use of electric vehicles. He said: “We want to be one of the most progressive resorts in the world.”
The development is the first beach resort being developed by Wynn Resorts globally. The current scope includes a 1,000-plus room hotel, high-end shopping mall, a state-of-the-art meeting and convention facility, a spa, more than 10 restaurants and lounges, a wide array of entertainment choices, a gaming area, and other amenities.