Record Ras Al Khaimah tourism lifts Wynn Al Marjan prospects: CBRE
Record visitor numbers in Ras Al Khaimah during the first half of 2026 have strengthened the domestic demand case for Wynn Al Marjan Island, according to a new report by CBRE Equity Research.
Data released by the Ras Al Khaimah Tourism Development Authority (RAKTDA) showed that the emirate welcomed more than 670,000 visitors during the first six months of the year, its strongest first-half tourism performance on record. Domestic arrivals increased by 47 per cent year on year, May became the highest-performing month in the emirate’s history, and the Average Daily Rate (ADR) remained in line with 2025 levels despite regional geopolitical tensions affecting international travel.
CBRE sees stronger domestic demand
According to media reports, a 29 July research note by CBRE analysts John DeCree and Max Marsh said the tourism figures could help improve investor sentiment towards Wynn Al Marjan Island, which has been affected by uncertainty over the conflict involving Iran and its impact on travel demand.
The analysts said the record visitation demonstrated that Ras Al Khaimah was capable of generating significant demand from within the United Arab Emirates even during a period of geopolitical instability.
An extended Eid Al Adha holiday, together with travel advisories discouraging international travel, encouraged more residents to holiday domestically. While international visitor numbers later recovered after some travel advisories were lifted, particularly from key source markets including India, Russia and the United Kingdom, new advisories have since been introduced, leaving overseas demand subdued.
CBRE said the ongoing uncertainty may continue to make it difficult for Wynn Resorts to provide a firm opening date for the integrated resort. However, the brokerage maintained that a mid to late 2027 opening remains achievable.
“We believe the conflict with Iran is still too volatile for management to provide a firm opening date, but we suspect a mid to late 2027 opening is still feasible,” the analysts wrote.
They added that the first half tourism figures provided further evidence of the strength of domestic demand and described the UAE and the wider Gulf region as a “deep, untapped market”. CBRE also said Wynn Al Marjan Island would remain “the only game in town” for the foreseeable future.
Tourism momentum supports wider development
RAKTDA attributed the record performance to resilient domestic tourism during a period when international travel flows were affected by regional conflict.
Phillipa Harrison, Chief Executive Officer of RAKTDA, said the destination had remained resilient despite challenges affecting travel across the region.“The destination remained resilient through a period that affected international travel across the region, and a record first half is testament to Ras Al Khaimah’s strength as a short-break destination,” Harrison said.
The authority also highlighted the performance of its domestic marketing campaign, RAK Moments, which generated 224,000 room nights, AED104.4 million ($28.4 million) in room revenue and attracted 127,817 incremental visitors during the second quarter. The campaign was supported through partnerships with travel platforms including Wego, Expedia, Booking.com, Cleartrip, Almosafer and Yandex.
Ras Al Khaimah continues to expand its tourism offering with several hospitality projects. Rotana Ras Al Khaimah The Mangroves is due to open in the third quarter of 2026, while SAIJ Mountain Lodge by Mantis is on track for a fourth quarter opening. At the same time, Pullman Resort Al Marjan Island and Rixos Al Mairid Ras Al Khaimah are undergoing refurbishment as part of wider upgrades to the emirate’s hotel sector.
Beyond hospitality, transport connectivity is being strengthened through new transit stations, autonomous shuttle services, planned Skyports air taxi operations from 2027 and improved maritime links with Dubai. Ras Al Khaimah International Airport is also developing a new VVIP terminal, due to open in early 2027.
Wynn Al Marjan project continues
Wynn Al Marjan Island remains one of the largest tourism developments in the UAE and the first integrated resort to receive a commercial gaming licence from the General Commercial Gaming Regulatory Authority in October 2024.
The US$5.1 billion development will include 1,530 luxury accommodations comprising guestrooms, suites, Royal Apartments, Garden Townhomes and Marina Estates. The resort will also feature 22 restaurants, lounges and bars, a 900-seat theatre, a luxury spa, a beach club, a 145,000 square foot meetings and convention centre, a retail promenade, a deep-water marina and 420 metres of private beach.
Construction has continued to advance. Developers said the tower structure topped out in November 2025. Structural work has been completed across all guestrooms and residences, more than 83 per cent of the exterior façade has been installed, over 482,000 cubic metres of concrete have been poured and more than 15,000 tonnes of structural steel have been erected.
Wynn Resorts said during its May first quarter earnings call that regional uncertainty, including tensions between the United States and Iran, could result in a modest delay to the opening of Wynn Al Marjan Island. By the end of the first quarter of 2026, the company had invested more than $1 billion in the development, with an estimated $350 million to $450 million still to be spent.
Analysts maintain 2027 outlook
In a separate research note, Texas Capital Securities said it still expects Wynn Al Marjan Island to open in 2027 despite recent geopolitical tensions. Analyst David Bain wrote that geopolitical events had weighed on Wynn Resorts’ stock momentum following the company’s previously expected first quarter 2027 opening timeline. He added that these developments did not change the firm’s long-term financial forecasts for the UAE integrated resort and said it continued to anticipate a 2027 opening. Bain also said the project could strengthen Wynn Resorts’ long-term earnings and valuation once operational.
Alongside its outlook for the UAE project, CBRE retained its second quarter 2026 Macau EBITDA estimate of $287 million. The brokerage expects the FIFA World Cup to weigh on Macau’s gaming revenue during July before demand recovers in August.
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