Ras Al Khaimah banks on the ‘Wynn Effect’ to achieve tourism targets
Investment management specialists Colliers has published a report on the future of tourism in Ras Al Khaimah and says Wynn Al Marjan Island Resort could bring 5.5m tourists to RAK by 2030, smashing the target number of 3m.
Wynn Resort Al Marjan Island
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 more than 1,200 hotel rooms and upwards of 20,000sq m of programmed retail and F&B space.
The resort will also have more than 20,000 sq m of dedicated gaming facilities and is estimated to cost over US$2bn.
First announced in January 2022, it is expected to open in 2027, complete with extensive entertainment, leisure, and MICE facilities.
The Colliers report said: “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.
“This is expected to be followed by a prolonged secondary growth period, lasting three years. As a result, it is estimated that the city will welcome over 3.8m visitors by 2027, growing at a CAGR of 28 percent 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.
The Collier forecast is greater than the stated Ras Al Khaimah vision to attract 3m annual visitors by 2030.
According to the Colliers report the top five international markets for international tourism in Ras Al Khaimah in 2022 were:
Source: Hotelier Middle east