- The stock price of Wynn Resorts Ltd (NASDAQ: WYNN) increased by 1.96% today. This is why it happened.
The stock price of Wynn Resorts Ltd (NASDAQ: WYNN) increased by 1.96% today. Investors are responding positively to Marjan, RAK Hospitality Holding, and Wynn Resorts announcing a multibillion-dollar integrated resort development on the man-made Al Marjan Island in Ras Al Khaimah, United Arab Emirates.
The Al Marjan Island, already a leading tourism destination, is only 15 minutes from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport. Comprising of 4 islands, Al Marjan Island delights visitors with over 7.8 kilometers of sparkling beaches and 23 kilometers of waterfront in addition to world-class hotels and residential developments.
Al Marjan Island is spanning an area of 2.7 million sqm of reclaimed land extending into the Arabian Gulf. And the new integrated resort on one of the exclusive islands, which covers an area of almost 250,000 sqm, will offer a pristine setting with spectacular views of the Arabian Gulf as well as sandy beaches and a marina. The development is the first beach resort being developed by Wynn Resorts globally. Plus the current scope includes a 1,000+ room hotel, high-end shopping mall, a state-of-the-art meeting and convention facility, an exclusive spa, more than 10 restaurants and lounges, a wide array of entertainment choices, a gaming area, and other amenities.
The integrated resort is going to be developed with significant foreign direct investment by Wynn Resorts. As the largest project of its kind in the Emirate’s growing hospitality sector, it will create substantial value to the local economy by accelerating tourism, creating jobs, and energizing the growth of related sectors. Set to be completed in 2026, the entire project will be developed to the highest standards of sustainability best practices.
The new resort is in the initial stages of design and development and will be applying for an integrated resort license from Ras Al Khaimah Tourism Development Authority.
“The integrated development, featuring a world-class hotel, entertainment and gaming amenities, will add to the Emirate’s destination strategy to attract tourists from across the world. We are partnering with Wynn Resorts, one of the world’s most renowned integrated resort companies, which has a strong track record of developing luxury destinations with exceptional accommodation, dining, entertainment concepts and gaming facilities. By leveraging Wynn Resorts’ expertise in developing luxury hospitality destinations, the new development will raise the benchmark in luxury hospitality in the region. It will also create exceptional value to the Ras Al Khaimah economy and boost the leisure, business, and MICE tourism sectors.”
— Eng. Abdulla Al Abdooli, CEO of Marjan
“Al Marjan Island is a pristine setting and an ideal greenfield location for us to create the one-of-a-kind guest experiences for which Wynn Resorts is renowned. The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah.”
— Craig Billings, newly appointed CEO of Wynn Resorts
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.