This property is expected to not only act as one of the flagship properties in RAK, but also create a gap in the market for new, unique concepts to enter, given the increase in demand from domestic and inbound visitors alike.
As a result, the integrated resort may act as a facilitator in the development of the emirate’s already-growing alternative tourist segment, opening doors to light-touch eco-concepts with themes of sustainability and conservation. Given its existing reputation as a leisure and vacation destination, the opportunities for high-end branded residences and lifestyle concepts also present themselves.
Wynn Al Marjan Island Ras Al Khaimah may even create a gap in the market of close to 5,000 keys in 2027 in a base scenario, says a report
As the largest foreign direct investment project in the emirate, Wynn Al Marjan Island Ras Al Khaimah aims to be a landmark property, with plans for over 1,200 hotel rooms, over 20,000 sqm of programmed retail and F&B space, and over 20,000 sqm of dedicated gaming facilities.
The integrated resort, estimated to cost over $2 billion was announced in January 2022 and will feature extensive entertainment, leisure and MICE facilities.
Operated by one of the most well-known independent hotel companies, the resort aims to target all segments, ranging from corporate to leisure.
Integrated resorts are designed to become destinations in their own right, attracting domestic and international demand. The business model includes offering more than just a luxury hotel stay experience, with ancillary components ranging from theme parks to exhibition facilities to gaming facilities, has enjoyed varying degrees of success. The correct partnerships including those with real estate developers, entertainment providers, and hospitality partners must be established from the onset to ensure success in delivering the envisioned experience to visitors.
According to Colliers ‘Ras Al Khaimah, 2023 and Beyond Expanding Opportunities and Game Changers2 report, given the scale of the project, its unique concept, and existing global demand, the Wynn Al Marjan Island, is expected to have significant impact on the tourism segment of the emirate.
RAK is anticipated to benefit from positive externalities of the ‘Wynn Effect’, with impacts such as increased visitation, additional hospitality demand, and an overall uplift to its economy.
Based on an analysis which studied the impact of the opening of gaming facilities on visitation, and considering the characteristics of RAK’s tourism, it is envisioned that the Wynn Al Marjan Island will induce significant demand in its first year, the report says.
This is expected to be followed by a prolonged secondary growth period, lasting three years. As a result, it is estimated that the city could welcome over 3.8 million visitors by 2027, growing at a CAGR of 28 per cent from 2022.
By 2030, it is envisioned that the city will be able to welcome over 5.5 million visitors, contingent upon the success of the Wynn Resort. Overall, positively impacting the economy across all factors, ranging from employment to overall GDP.
Further to the market gap analysis conducted for RAK, based on forthcoming and existing supply and demand; taking the above visitation forecast into account, Colliers suggests that the Wynn Al Marjan Island resort may even create a gap in the market of close to 5,000 keys in 2027 in a base scenario or over 6,500 keys in an optimistic scenario.