Wynn Resorts Casino: The World's Largest Casino to Launch in Ras Al Khaimah
The Emirate of Ras Al Khaimah is positioning to redefine luxury and entertainment in the UAE with the launch of its first legal casino by 2027. With Dubai’s real estate sector in its sights, Ras Al Khaimah is making fast moves in its real estate sector to rival its neighboring emirate and captivate the world’s high-net-worth-individuals.
A Beacon of RAK’s Real Estate Boom
Destined to be the largest casino in the world, the 18,500sq m gaming arena is merely a part of Wynn Resorts' luxury offering. The resort is planned to house 1,500 rooms on the picturesque Al Marjan Island. This ambitious project is already fueling a property boom in Ras Al Khaimah.
Leading hospitality brands such as Intercontinental Hotels Group, Movenpick, and Radisson have made their foray into the market, resulting in a staggering 17.5% annual growth rate in hotel supply. This showcases Ras Al Khaimah’s emerging prominence as a tourist attraction.
A Catalyst for Economic Growth
With the Wynn Resorts Casino project underway, investor interest is buzzing. Off-plan property deals are making waves in the market, influencing secondary market prices, especially in prime projects like Mina Al Arab and Al Hamra.
The UAE’s vision is clear: attract over 5 million tourists to Ras Al Khaimah by 2030 through this monumental venture.
Regulatory Boost to Inspire Confidence
To fortify this new direction, the UAE recently established a Gambling Regulator. This regulatory body aims to bolster investor confidence by allowing commercial gaming operations across the nation.
The establishment of the UAE's first legal casino isn't just an entertainment initiative; it's a strategic move to propel the country's economic progress. By positioning itself as a hub in the Gaming Industry, the UAE continues its tradition of setting benchmarks.
Chinese Investors: Betting Big on UAE’s Property Market
The upcoming casino launch is creating a palpable excitement among Chinese investors. Their activity in the UAE Property Market has seen a whopping 130% surge. A known fact is that Chinese investors have a penchant for casino and gaming destinations. With the UAE unveiling its first legal casino, the interest of Chinese investors in Dubai’s real estate market has skyrocketed. A majority, 78% to be exact, prefer cash transactions and show a preference for spacious residential units.
Conclusion
Ras Al Khaimah is positioning itself as the new focal point of tourism in the UAE. The blend of the traditional with the modern, backed by grand projects like the Wynn Resorts Casino, paints a promising picture for the future of the emirate and the UAE as a whole.
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