First Gulf Casino to Boost Hotel Demand in Ras Al Khaimah

The development of the Gulf's first casino by Wynn Resorts on Ras Al Khaimah’s Al Marjan Island is expected to drive significant investment in the emirate's hotel sector through 2030, as the region anticipates a shortage in accommodation to meet rising demand. Developers project the need for about 24 new hotels to accommodate an influx of visitors, especially after the $4 billion Wynn Al Marjan Island resort opens in 2027.

With RAK's population of 400,000, the emirate is set to nearly double its hotel room supply from 7,886 to more than 15,000 by 2027. However, there remains a shortfall of nearly 6,000 rooms, according to Christopher Hewett, senior vice president at Al Hamra Real Estate.

The opening of the casino and resort is expected to attract an additional 3.5 million visitors annually, pushing RAK's tourist arrivals to 5.5 million by 2030. The growth mirrors similar patterns seen in Singapore after the launch of major resorts and casinos, which significantly boosted visitor numbers.

Consultants EY predict hospitality demand in RAK will rise to 9.6 million room nights by 2030, tripling the 2022 figure. With RAK's population projected to grow to 650,000 by the end of the decade, the emirate is exploring options like short-term lets to meet demand, particularly in prime locations like Al Marjan Island and Mina Al Arab.

RAK’s property market is already seeing strong growth, with prices up by 20-25% in 2024, and an 8% increase expected in 2025.