Inside the $4B Wynn Resort Boom in Ras Al Khaimah | UAE's First Casino & Real Estate Surge

Hi, I'm GG Benitez, a licensed California realtor and a certified International property specialist connecting the incredible luxury real estate markets of Dubai and the United States. Today my partner here on the ground, Ahmed Ashkar is here so we can talk about what's on every real estate investor's radar. Welcome Ahmed. Always a pleasure, pleased to be here GG. This is such great timing as you and I just yesterday got on the road and did a road trip to Ras Al Khaimah, which is RAK, right? And seeing it is even more, how do I explain it, magnificent than hearing about it. So we have some footage that I'll be sharing on my Instagram about what we saw. But let's share why Ras Al Khaimah is right now, what every major real estate investor is looking to invest in. Why? Talk to us. Well GG, let's not forget, all eyes on RAK for one particular reason, especially not to mention the Americans. It's the casino, the Wynn Casino, one of the first gaming casinos coming to the entire GCC country, which was actually shocking to many. They always thought it was a rumor but now it's in effect. So yesterday was your first time visiting Ras Al Khaimah? Which I advise would be a great idea for you to physically get that experience. Impressive. Not only you, I was quite impressed as well because it's been almost a year that I have not been to Ras Al Khaimah so I'm assuming it's changed a lot because we saw that they are starting to break ground. The major developers. Exactly, exactly. So Marjan Island, as you know, is a man-made island. One thing we need to clarify to our viewers is that this is not a first time concept for people in Ras Al Khaimah. It's not a new concept. When you say it you mean what? The beach resort club? The entire tourism itself? Clearly, exactly. Clearly, Dubai is the number one. First of all, Dubai itself is second year in a row number one global destination for tourism, that was before they even announced that Wynn Casino is coming in with their four billion dollar gaming casino. Exactly. And then just, what, 40 minutes? It took us 45 minutes to the next emirate, which is Ras Al Khaimah, right on the tip, surrounded by water. And then in Ras Al Khaimah we were looking at the master plan and I have video of it of the four different coral shapes that are all connected. Did you know that each island has its own name? No, actually it does. So they're not all four, weren't all Marjan. It is basically within Marjan, each coral has been given its own name and it has its own representation, its own story to it. So we have basically Dream, you have Views, you have Treasure. I did not know that. Yes, exactly. And surprisingly, I did not either. I just found out yesterday. So within, okay, so you have Ras Al Khaimah itself, right? And then there are major developments that are happening on the coastline and it's the most incredible water. And then within Ras Al Khaimah, which Ras Al Khaimah itself is already popular for trade, the economy is already doing very well. It's the same thing as the Dubai Land Department as far as safety, protection measures in place for foreign investors. It's already a tourist destination, business, yes. And then you add to it that on Marjan Island particularly you have the Wynn. They have announced their spending four billion dollars. And actually their gaming casino is going to be larger than where you and I have visited in Las Vegas. So it's the first one in the GCC, the largest one. Wynn is the most well-known resort name in the globe, correct. Okay, so that is one reason why eyes are on Ras Al Khaimah. Exactly. GG, here's the thing. One thing we need to keep in mind is that just this year we've seen almost an influx of 600,000 tourist visitors in Ras Al Khaimah, before even these developments. Exactly. It's the highest in history in Ras Al Khaimah's history. So that itself tells you that a lot of people are curious right now to see what is this Ras Al Khaimah, what does this Marjan Island look like that everyone's talking about? So people are preparing themselves. Not only tourists who are coming there for their vacations, but majority of the UAE residents, like for myself, for example, that's where you guys go. Exactly. Especially during COVID time, I mean that was our getaway. It's only 45 minutes drive from Dubai, as you saw yesterday. It's away from the city hustle and bustle. As you saw, it's so calm and quiet and beautiful, the water and the jet skiing and the water activities. There were all the Ritz hotels there, very well-known international hotels. And so yeah, like you're saying, it's where the locals have already started vacationing in. Exactly. Now you're starting to see foreigners coming in. So you said 600,000 this year, but what do we discuss? The estimates are going to be by 2030? Five million visitors. Five million visitors. By the way, those visitors have to come through Dubai of course, right? Easy drive, beautiful drive to Ras Al Khaimah to Marjan Island or some of the other islands in that area. And water sports, luxury lifestyle. And then we have the Wynn, yes. But let's just say not everybody's going to stay at the Wynn. We don't know what the prices are going to be. It's going to be built in 2027. Actually GG, that's a very good point you have mentioned because coming from the hospitality industry, let me clarify one thing. Casinos do not profit from their rooms. Okay? The majority of the revenue, almost 48 percent of the revenue comes from the gaming. Okay? 22 percent is from the rooms and the remaining is food and beverage and entertainment. So now the million-dollar question will be here: when they do operate and open their doors, at what prices will they set up their rooms? Because in the US, that's not what they are focusing on to generate money from. So which is why, you know, why they are so cheap. Actually, you know why? Las Vegas is known for what else? Their food. Unlimited, the most grand, royale buffets, the buffet, the breakfast buffet, pretty much peanuts, because once again, these are the bait, basically, to entertain and hook you and bring you your family, your children. So now the question will be, will it be the same concept and the idea that has been so successful in the US? Will they implement and execute the same concept here in Ras Al Khaimah? So Wynn brings the name. It brings the recognition. It brings the people. Let's say from Asia, the Chinese, the different nationalities that have regularly traveled all the way to Las Vegas, but now this is going to be a closer destination, right? And it's going to bring the Europeans also. And now you have American and Canadian eyes on Ras Al Khaimah for investment purposes. And one of the things that I've learned during my entire time here is, look at who chooses to build in an area, right? Of course, yes. So the developers, the big names, the big boys and girls are playing in Marjan, such as we have a select group. Right? We have the Wynn already, we discussed that. We have Emaar, yes. Emaar just recently came out and introduced the Address hotel, which is the top branded residential hospitality brand. Yes, and their quality is amazing. And then we have Ellington and we have on our podcast Mr. Abdul Latif who talks about why Ellington has placed so much of their investment dollars in the future in Ras Al Khaimah. So then you have Noor who just introduced Noor and sold out by the way. You know that we couldn't even get our hands on it. It was just a shame, but that's just how the game is. So you have these well-known names, globally and internationally, that are coming into Ras Al Khaimah and that are building right. And Nikki Beach, of course, by Dar Al Baar. One of my favorites. Dar Al Baar, which by the way means Dar means house because Dar is house in Arabic. Dar Al Baar is one of the most reputable, incredible developers that we will talk about in an entire different podcast episode. But let's talk about Nikki Beach, yes, one of my favorite projects, to be very honest with you. Okay, GG, let's differentiate between branded residential brands and the non-branded brands, okay? The reason I'm always a big fan of hospitality brands, okay, which means branded residences, of course branded residences, because they are associated with hospitality, okay? For example, if you're launching a tower which has been collaborated, for example with Ferrari, okay, that does not interest me. Why? Because Ferrari is great at making engines, okay, but what does Ferrari really know about hospitality? Really good perspective. I didn't think about that. Like you have, you have Bugatti. You have all these names, Bugatti Tower, but it's not, they're not known for hospitality. Exactly. So my perspective of collaboration with homes and design has to relate to hospitality because it goes hand in hand. And they obviously have a proven track record. They have the experience. So this is why I always tell people that if you want to buy or invest in a project, make sure if it's branded, it's branded with the hospitality industry. That is such an important point. And really, it's not even something I have thought about before. So then let's talk about this. This is why I'm such a big fan of Nikki Beach, particularly now. I don't know if you know this or not. Nikki Beach was founded about 25 years ago. So they've been on the market for 25 years. Where? Give me some of the locations internationally that Nikki Beach has their resorts. Well, Nikki Beach is literally all over Europe, GG. They have eleven beach luxury beach clubs. Because the concept of Nikki Beach is the founder was one of the first ones to come and introduce one of the first luxury beach clubs, which is a huge thing in Europe and in Dubai and in Miami, especially in Dubai. Now it's turning out to be a huge trend because obviously we follow whatever trends are in Europe. Let's, for people that don't know beach club, because I have to tell you, before I came to Dubai I didn't really understand what a beach club was. I haven't been to Miami a lot. It's a thing in Miami, yes? I hadn't been. I live in San Diego. I mean San Diego is a beach, but the idea of a beach club is this fantastic club-like atmosphere during the day, high, very high-end, very glam, best food, drink, DJs, music, shows, and artwork. I mean all these different things, right? Really touching all the senses in a beach environment. Yes. So it's day and night. It's day and night. Day and night. So that's a European concept, Miami concept, Dubai concept. And now Nikki Beach that's already established this reputation as one of the top clubs. Yes? They have almost eleven locations of these beach clubs. They have five resort hotels? Oh, okay. So the locations we're talking about? They are in Thailand, Marrakech, Montenegro. They are in Italy, they are in Spain, they are in France. So and now in Ras Al Khaimah. And then they move to Dubai. They open up in Dubai by the way. I'm not sure if you know that or not? Next to the Burj Al Arab exactly. Now in Ras Al Khaimah. And guess what? Also coming to Oman. So yes, so another resort will be opening up in Oman as well. So they're literally spreading around because their experience, what they have offered globally, they nailed it. They know what they're doing. They've done so. Now when someone wants to come to Ras Al Khaimah and we have, you and I have our American investors, we are going to say Nikki Beach. We're pushing it hard. Why? Because they've nailed it. They're branded. Yes, that hospitality, they are European, well-known. You have a lot of European visitors, okay? It's going to be next to the Wynn, direct access to the casino. But yet you have that lifestyle, that destination, you know? Unlike Vegas, which Vegas we know is world-known, but it's a water destination. So there's the water sports during the day, the beautiful beach lifestyle, the club, the spa. By the way, Nikki Beach is known for its spa. By the way, you got me there. Exactly. And what? One of the major hooks is the price per square foot to be able to even invest in here, yes? Compared to, like, compared to Dubai, for example. Well, and Dubai still, relatively speaking to the rest of the world, is extremely affordable. But then you go to Ras Al Khaimah, it gets even cheaper. Even cheaper? Which means what we just talked about the tourism. So the tourism, okay, is going to hit. 2027, Wynn opens. Five million by 2030 is what they're projecting, okay? So we know the tourism. So for Airbnb or short-term rentals, you're getting in at very small price per square foot. Ras Al Khaimah offers the same tax-free city as Dubai does. The same safety measures. Now you have this higher profit margin for both capital appreciation and your rental returns and your short-term and long-term rental returns. But let's say with Airbnb, we're probably looking at really maximizing that short-term rentals for people that are going to come and visit as a holiday destination, right? Correct. So Nikki Beach, actually, the public launch is today. Yes, it was today and it will be, the entire community will consist of three buildings. By the way, each building will have roughly around 345 apartments. Now this is going to be a UAE beach community that will give its residents all access to, obviously, your own private beach. It will have its own residential spa. It will have yoga centers. I mean, everything that's related to wellness, art galleries. I mean, that is entirely the whole concept of Nikki Beach clubs itself. And now we're not just dealing with a club. We're actually dealing with the Nikki Beach club residence next to the only casino, the first casino in the GCC. Yeah, we know. You know, this whole area and then when we talk about investing in real estate, the number one thing we say is location, of course, okay? So you have this prime location, waterfront destination, where East meets West, 40 minutes from Dubai, easy drive from Dubai, right? That. And then we talk about, okay, what's the political and economic climate like? Stable political and economic climate, strong economy based on trade, tourism, business, manufacturing, yes, manufacturing. One of the largest manufacturers is Ras Al Khaimah tiles. So majority of the tiles that get exported, exactly right, from Ras Al Khaimah. So you have this strong, developing area. Top developers coming in, announcing their projects. And as you and I saw on our drive yesterday, already breaking ground on their projects. The palm trees are up. The Baskin-Robbins. I mean, how American can you get? That's a Baskin-Robbins right there on the beautiful promenade, right? Exactly. So it's a win-win situation. Exactly, it is a jackpot for real estate investors. Where this is where you want to invest. Exactly. Well, one of the biggest benefits that GG that I think Marjan will have, especially when we're choosing what project or which development actually to advise our investors to invest in, is obviously any project that will offer all sorts of facilities and all the amenities that we would expect in any casino resort would. Because remember, one thing. You and I, for example, if we ever visited Vegas, what was it for? It was for the experience. The shopping, exactly. The food, the shows, the spa, exactly, right? Exactly. I mean, it wasn't, like, for me, I'm not a gambler. Neither was I ever a gambler. So for me to go to Vegas was never about gambling. It was for me to have the other experiences, for me to be able to, and now imagine that in a waterfront location. Because the thing is with Vegas, right? You walk out in Vegas, you don't have that. So your entire day is spent by the pool, pretty much the entire daytime, because majority of the people are not gambling in daytime. So they're spending their entire day at the pool. And then as soon as the evening comes, then more family-oriented people are getting entertained by the shows, yes, and that will be one of the other highlights at the Wynn Casino over here as well. So I think it is very important if you are going to invest into a project, it has to offer all of these amenities in order for people to be attracted to come and stay here. Because not knowing what the prices will be for Wynn Casino when they do open over here, not everyone might be able to afford to stay the night at Wynn Casino. Not everyone, or be able to have a booking for it. It only has, I believe, 1,400 rooms. Most of what we've been looking at, the projects that are developing in Marjan Island or around the Wynn Casino, have the yacht service, exactly, because they're all waterfront properties and it's going to be right. As you step out of your hotel, exactly, right there's a yacht that's going to take you a few minutes across the water and you're going to be at the Wynn. Or go hotel hopping for the different experiences. Nikki is not the only one we're focusing a lot on Nikki Beach. But like we said before, Emaar, we have Ellington, that's going to be coming to the Ras Al Khaimah area. You have Le Meridien. You have the Hamptons, which you saw yesterday. You saw yesterday. You have many others. So there's a lot, yes, a lot of big names. I believe currently there's 1,600 hotel keys as we speak right now on the island. But what's important is this. This is why speaking with you and me is important because they're not all made equally. Of course not. Like we're talking about yesterday and what you're talking about right now, with someone who has experience with food and beverage, with someone who's going to give that experience that someone wants when they come, correct, to that type of destination. And that's why it is important to speak with experts. You have eighteen years of real estate experience in Ras Al Khaimah. I live in the United States and have my fingers on the pulse of what American investors are looking for. And I will tell you from an American standpoint, I don't think Ras Al Khaimah was a name that became well-known in America until the Wynn announced their four billion dollar surprise casino. And then and then all of a sudden, wait a minute, a gaming casino in the Middle East? So this now is another reason to visit Dubai because wow, now they could visit this gaming casino, right? Yes. And also just to know that Wynn is putting their money, that much of it, and investing that much of it. And Wynn is internationally the number one top resort-known name, right? Correct. So you know, we talk about Nikki Beach. Nikki Beach is very European, et cetera. But Wynn is internationally renowned. So once that announcement came to place, I had my investors calling me. Is this true? Is this really happening? Yes, it is happening. And as you and I saw, they've already broken ground. So Ras Al Khaimah was already doing well, regionally. It's already a nice price per square foot. I think, what's the name, Hamra Village, for example, for residents, locally has already seen a nice increase in price per square foot. So there's already been success in the region. But now all eyes globally are on Ras Al Khaimah. And this is the time to get in while the prices are incredibly low price per square foot. If you can get your hands on, of course, yes. Because as we know, yes, it's first come, first serve. That's how it is. The other day we were speaking to an agent from Miami. When we asked her how long does it take for them to sell a tower when they launch, what was her answer? Do you remember? If it is in high demand, if it's branded, it takes close to a year to a year and a half. Okay. If it's not branded, it takes a couple of years to sell that project. And here, and here, we're talking about a few hours. And she was shocked when we told her that. So this is something that people, especially in America, need to understand that when a project is launched, for example, right now we're talking about Ras Al Khaimah. When a project is pre-launched, that's the time to actually book and buy because projects tend to sell in a pre-launch, not actually on the day of the launch. We had that happen. We've had our bad experience. We've lost a few cents, but it's a good experience because this makes them realize that this is not just a sales pitch. This has happened to me. I lost the first opportunity. Now I should make sure I take advantage of the next coming opportunity. So yes, Ras Al Khaimah will definitely be one of these projects. There's no doubt there's going to be competition in that area because, like you said, there's going to be a lot of other projects coming over there. But not everyone is going to be on top or be equal to the other one. So it is very important my personal advice: stick to branded residences. They will definitely offer you every sort of amenity you could imagine that a five-star hotel would do. Because at the end of the day, everyone's going to come to Marjan for an experience, period. No questions asked. We're coming there for the experience. And let's not forget people who are looking into buying apartments over there. It's not just to cater to the visitors. Let's not forget the number of employees that will be hired. Which I heard Wynn will be bringing from the US. We'll have American employees who will come here to work and operate and train, obviously, the others. So to live. So where do you think they will live? Where their accommodations will be provided? Definitely they will not be staying in the hotel, right? So guess what? There's always going to be someone to rent out your apartment because that's what happened in Vegas. The only reason the property went up in Vegas was because of the turnover, the number of employees that are running those casinos. We're not talking about just one casino in Vegas. So where do you think those employees live? You know, they always need a place to rent. They need a place to buy. You know how much these casino dealers make? They make some good, decent money. So they don't most of the time look into renting. They actually look to buy their own place. So next thing you know is we're not just catering or selling to foreigners. We're actually selling properties to Wynn casino dealers themselves. How fun is that? Exactly. So at the end of the day, this is what we need to cater. This is what we need to focus on that which project is a winner at the end of the day, you know what satisfies our client's appetite because at the end of the day budget is very important. What fits in within their budget? And like you said, not every project will be equally priced based on what they're offering to investors. So at the end of the day, I think it's definitely a win-win situation for Marjan. I'm so excited. I know our American investors are excited because I know your email has not stopped with all what's happening, what's going on, what can I get my hands on? Who, who? Whose Address? Who? Whose hotel? You know, so a lot of it is new for the Americans. There's a lot of brands that the Americans are not familiar with. Which now they're being introduced to. But we are used to it because we've seen these brands in Europe. Hotel Here is the top. It's the number one branded hotel. Which I was surprised when I would tell the Americans and they would be like, I'm sorry, Address? What's Address? Everyone knows Wynn, exactly. And so to close this up, Ahmed, when we talk about Ras Al Khaimah and we talk about making real estate investments, talk about location. Strategic, incredibly, stunningly beautiful location. Ease to access through Dubai. And they're actually going to have their own airport there? Exactly, yes. Talk about price per square foot for the entry. Very inexpensive, yes, which we don't know by the time this airs what it's going to be because things move so quickly here. Capital appreciation opportunities. Rental returns, not just long-term but the short-term Airbnb rental returns. Next to the casino, the population continues to increase. The economy continues to strengthen in the area. Tourism, you know, we talked about the numbers for tourism. Tax-free. Safe investment. Yes. What is there not to want here? This is it. So I'm so glad we got to have this time to sit down and really talk about Ras Al Khaimah. Because I've been trying to create some Instagram reels and videos and it just wasn't doing it justice. So thank you for coming on and sharing your eighteen years of experience in the real estate. Definitely. 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