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Ras Al Khaimah (Shutterstock)
planned Las Vegas style resort Tourist attractions in Ras Al Khaimah city in the United Arab Emirates could help attract more than 5 million tourists, 2 million more than expected by 2030, a report released on Tuesday said.
The white paper, published by Colliers International, said the resort, planned with Las Vegas hotel operator Wynn Resorts RAK, would be a “game changer” for the emirate, which is positioning itself as a sustainable natural destination.
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The exterior of the Wynn casino hotel in Las Vegas, Nevada, U.S., February 7, 2018. (File photo: Reuters)
It could drive annual visitors far beyond the tourism target of Ras al-Khaimah, one of the fastest-growing tourism markets in the Gulf region. RAK has previously outlined its goal of attracting three million tourists a year by 2030.
Colliers International predicts the mega-resort could bring more than 5.5 million tourists a year to the UAE by 2030.
Wynn Resorts has announced plans to develop a multibillion-dollar beachfront resort in Ras Al Khaimah in 2022. It is planned to include 1,000 rooms and a “gaming” area, and is expected to open in 2026. Wynn is best known for its casino-hotel resorts in Las Vegas, Boston and Macau.
“Ras Al Khaimah (RAK), the northernmost emirate of the United Arab Emirates, has experienced rapid economic growth in recent years,” the Colliers International report said. “The Ras Al Khaimah Tourism Development Authority’s mission is to increase the number of tourists and enhance the overall attractiveness of the destination, and its Vision 2030 is to attract more than 3 million tourists, which explains why tourism is one of the most important economic sectors in the emirate and Focus on GDP growth.”
The report found that 1.132 million overnight hotel guests visited RAK in the 12 months of 2022, a year-on-year increase of 15.6%. Visitors are mainly from Russia, followed by Kazakhstan and the United Kingdom.
In 2022, the hotel industry revenue will increase by nearly 30% year-on-year.
Ras Al Khaimah Tourism Development Authority’s tourism strategy is responsible for accelerating visitor growth and increasing the industry’s contribution to the emirate’s GDP, with a target of 3 million tourists per year by 2030.
To achieve its goals, RAKTDA is implementing a number of strategies including a multi-million dollar investment in Jebel Jais Projects and other investments from key players such as Aldar Properties, EMAAR, ADNH and Nobu.
Wynn Resorts will reportedly be the crown jewel.
Based on an analysis examining the impact of the opening of gaming facilities on tourists, and taking into account the characteristics of Ras al-Khaimah tourism, Colliers said Wynn Al Marjan Island is expected to generate significant demand in its first year.
It is expected to be followed by an extended secondary growth period lasting three years.
As a result, the city is expected to welcome more than 3.8 million tourists by 2027.
The city is expected to be able to welcome more than 5.5 million visitors by 2030, depending on the success of Wynn Resorts.
“The Ras al-Khaimah hotel market is made up of multiple assets including resorts, hotels and serviced apartments. While most motels, serviced apartments and city hotels are located close to the city centre, the resorts that dominate the market are generally located south of the coastline, as part of an upcoming development project,” the report states.
Of the total supply, almost 7,000 key sets – a term referring to a mix of rooms, suites and serviced apartments – are considered premium supply, mainly in the three- to five-star category.
The hotel market is led by Hilton Worldwide, which currently operates more than 2,900 rooms.
Looking ahead, approximately 5,000 hotels have been announced to open within the next five years, with Wynn Resorts expected to be the major entrant.
Colliers International said an “integrated resort” like Wynn Resorts aims to be a destination in its own right, attracting both domestic and international demand.
As the largest foreign direct investment in the emirate, Wynn Al Marjan Island Ras al-Khaimah aims to be a landmark hotel with plans for over 1,200 hotel rooms, over 20,000 sqm of planned retail and dining space, and over 20,000 sqm of dedicated gaming District facilities.
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