Land Values Soaring in Ras Al Khaimah on Hopes of Legal Casinos

25.07.2024 - 18:31 / skift.com / Wynn Al-Marjan / Ras Al-Khaimah / Craig Billings / Bill Hornbuckle / Wynn Resorts / Josh Corder

The proposed $3.9 billion Wynn Al Marjan has caused a development frenzy in Ras Al Khaimah, the once-quiet man-made island– located about 70 minutes drive from Dubai International Airport. Just about every major hotel operator has a project underway, and as Bloomberg reported last month, developers have snapped up every available plot. 

Much of the excitement stems from hopes for gaming – something that is still illegal in the United Arab Emirates. 

Speculation has come from plans for the Wynn resort that show a gaming floor 18,500 square meters in size – bigger than its casinos along the Vegas Strip. The resort has hired a slot machine consultant. In August 2023, Wynn CEO Craig Billings said on a call with investors that Wynn would “imminently” receive its gaming license from the country’s gaming commission. That still hasn’t happened. Wynn did not respond to a request for comment.

MGM CEO Bill Hornbuckle also has pointed to a future of gaming in the region. “We think there will be three or four [casinos] in the Emirates. It’s up to each ruler to decide what they want to do and where they want to do it,” Hornbuckle said in October 2023.

But UAE officials have yet to use the word “gambling” or “casino” in any of its communications. Ras Al Khaimah Tourism Authority did not respond to a request for comment.

Around 1,500 listings on the UAE’s largest property website, PropertyFinder, use the word “casino.” 

One listing for a $9.5 million villa from Address on Marjan Island promises “casino bliss,” being “just five minutes from the Wynn.” The Address Al Marjan development is a set of luxury hotel apartments, townhouses and villas from Dubai giant Emaar.

Even on the lower end of the market, a $135,000 studio apartment, already built, markets itself in the title as being “near to casino,” and adds: “an upcoming casino in the vicinity promises to enhance the allure of this vibrant community.”

One 39-year-old healthcare worker in Dubai told us he has put all his savings toward a downpayment on a $815,000 one-bedroom apartment at the Address Al Marjan development.

The healthcare worker, who asked that we not use his name because of the sensitivity around gambling in the UAE, said he will pay it off in installments until 2028 when the project is done.  

He said he has been told by real estate agents he could double or triple his money once the Wynn resort is operational. 

“I think this could be the next Macau; If there isn’t a casino, I would not be doing this.”

The worker added: “I know it’s a gamble, but I’d rather gamble on this than on betting on red or black,” he said. “I’ve worked in Dubai since 2014, and I could work the rest of my life, or I could bet on this project and change my life forever. This