Fitch Projects Ras Al Khaimah's GDP to Grow by 4% Over Two Years, Driven by Wynn Casino Resort
The agency stated that the project will provide a significant short-term growth boost and will act as a catalyst for attracting further investments, which will enhance Ras Al Khaimah's economic resilience in the long run.
Fitch Ratings anticipates a steady medium-term economic growth rate of 6.2% in 2024 and 5% in 2025 for the emirate. This growth will be driven not only by the construction of the entertainment complex but also by investment interests in the master plans announced for Ras Al Khaimah's central and beachfront areas.
The $3.9 billion Wynn Al Marjan, which will be the first casino resort in the Middle East, represents approximately 32% of Ras Al Khaimah's GDP as of 2022, according to the agency.
American operator Wynn Resorts is the main investor, holding a 40% stake, while Marjan LLC and RAK Hospitality Holding LLC serve as local partners. Craig Billings, CEO of Wynn Resorts, recently stated that the operator's capital contribution to the project will be around $900 million. The company has previously indicated that construction is expected to be completed by early 2027. In addition to the casino, the complex will feature a hotel, 22 private villas, a marina, a 15,000-square-meter shopping mall, 22 restaurants and bars, a conference center, and a theater.
Meanwhile, Wynn Macau's casino revenue for the first quarter of 2024 reached $1 billion.
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