UAE casino operator Wynn Resorts has acquired more land in Ras Al Khaimah as it continues to develop unique resort in the country.
In a call to investors the company revealed it has invested in a further 70 acres of land in Ras Al Khaimah’s Al Marjan Island as it looks to future expansion plans of the integrated resort.
Craig Billings, CEO of Wynn Resorts, said the under-construction building currently stands at 90m and is already the tallest building in Ras Al Khaimah.
UAE casino developer shares update
Billings added that the UAE project is “the most exciting new market for our industry in decades” and the Wynn Al Marjanin Ras Al Khaimah is set to open in 2027.
The beachfront resort will be built on the island spanning 62 hectares in partnership with Marjan and RAK Hospitality Holding, set to be the MENA region’s first ever gaming resort.
Boasting 1,542 rooms and suites, including 22 lavish Villa Estates along the newly designed marina, the resort’s expansive poolscape, covering 3.6 hectares, features multiple swimming pools, water features, and private cabanas.
Craig Billings said: “I just returned from several weeks in Dubai and Ras Al Khaimah. Construction is rapidly progressing on the project with work now approaching the 15th floor of the hotel.
“The building now stands at just over 90m, which is already the tallest building in the emirate.
“During the second quarter we contributed $357m of equity to our UAE joint venture. This transaction included the purchase of our 40 per cent pro rata share of all 155 acres of Island 3, the island on which Wynn Al Marjan sits.
“As a result, our joint venture now owns, not only the land under Wynn Al Marjan, but also 70-plus acres of land for potential future development on the island.
“We are confident that acquiring this sizeable Al Marjan land bank will prove valuable over the long term.
“I believe the UAE is the most exciting new market for our industry in decades.”
Source: Arabian Business
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