May 24, 2024 3 min read

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Fitch Predicts Growth for Ras Al Khaimah with Wynn’s UAE Resort

The multi-billion-dollar project which is currently under development is expected to boost tourism and provide economic stimulus for the region

Earlier this month, Wynn Resorts, the leading casino and hospitality operator, released new concept art of its much-anticipated luxury resorts in Ras Al Khaimah, United Arab Emirates (UAE), Wynn Al Marjan Island. The massive project is the result of collaboration between the company and local partners, RAK Hospitality Holding and Al Marjan Island.

The upcoming luxury resort uses some 62 hectares and is set to completely revolutionize and redefine luxury hospitality for the region. The price tag of Wynn Al Marjan Island is estimated at nearly $4 billion, of which, Wynn’s investment is approximately $900 million.

Amid the development of the integrated resort, a newly released report highlighted the importance of the multi-billion-dollar investment and the prospects of the project for the region. Fitch, the global rating agency, looked into Wynn’s UAE project, outlining its long-term potential and importance for Ras Al Khaimah, as announced by IAG.

Focusing on the $4 billion investment for the development of the integrated resort, the investment firm explained that it will “weigh on public finances initially, but … potentially boost growth prospects and fiscal revenue in the long term.”

Additionally, Fitch confirmed that the development of the luxury integrated resort in UAE came at a time when it reaffirmed Ras Al Khaimah’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “A” with a positive outlook. The recognizable rating agency cited: “continued solid fiscal metrics, the benefits of its membership of the United Arab Emirates, high GDP per capita and low public sector debt.”

The Luxury Resort Is Expected to Bring Economic Stimulus

Fitch also commented on the cost of the development of the luxury integrated resort. Estimated at $3.9 billion, the massive investment represents some 32% of the GDP reported by Ras Al Khaimah for 2022, said the credit rating agency.

Undoubtedly, the aforementioned figure is a testament to the massive scale of the project and its importance for Ras Al Khaimah. Besides creating jobs and significantly boosting the local economy, Wynn Al Marjan Island is expected to propel tourism.

Back in February, Wynn confirmed that the construction of the hotel tower of the new multi-billion-dollar entertainment and hospitality project has started. At the time, the company’s CEO, Craig Billings, explained: “Property is really going to be a stunner, and it’s great to see the buildings start to take shape.”

He spoke about the importance of the project for Wynn, revealing that it allows the company to diversify its portfolio and grow its global footprint at the same time. Wynn Al Marjan Island is expected to be completed and welcome its first guests at some point in 2027.

Journalist

Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

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