DESTINATION RAS AL KHAIMAH
Since 2004, Ras Al Khaimah has embarked on an ambitious plan to turn the city into a world-class tourism destination with a plethora of luxury hotels, golf courses and extreme sports attractions, positioning itself as an alternative getaway to Dubai.
24 May 2023
TO BOLDLY GO
In its effort to continue upping the ante, the RAK government recently established the Ras Al Khaimah Department of Entertainment and Gaming Regulation – a precursor to the announcement of the development of the Middle East’s first casino.
In our survey of the world’s ultra-rich, we wanted to get a better understanding of how the 1,500-room Wynn Resort, which is under construction, and the adjoining 18,500 sqm casino on Al Marjan Island, set to open in 2027, are being perceived globally. Over the course of the gaming industry announcement, we have been seeing increased investment activities and market sentiment from reputable developers that were not previously present in Ras Al Khaimah.
The majority of respondents (55%) claim that RAK’s decision to open a casino has not affected their desire to purchase property in the emirate. A further 30% of respondents say that the casino would make them more likely to make a property purchase in RAK. Those with a net worth of over US$ 10 million are more motivated to make a purchase in RAK (50%) than others.
When looking at the influence of the casino by geographic region, 60% of East Asian respondents say that the introduction of a casino to RAK has made them more likely to purchase property in the emirate – triple the percentage in other regional subgroups.
It is also worth noting that 42% of respondents expect a casino to open elsewhere in the UAE. This figure rises to 54% when considering those intent on making a residential purchase in Dubai.
CASINO BATTLE ROYALE
News of the RAK’s debut on the gaming circuit has unsurprisingly fuelled speculation about the opening of casinos elsewhere in the UAE. Since Wynn’s announcement in 2022, however, no other casino plans have been unveiled. Still, we wanted to use our survey to understand UHNWI attitudes towards casino developments in Dubai and how this may influence their investment decisions.
