Casino operations in the United Arab Emirates (UAE) will drive more real estate investors to the country. The “ultra-rich” would be particularly interested in buying properties if the country welcomes more casinos. That’s according to a report from independent real estate consultancy firm Knight Frank.
East Asian Investors Turn Attention To Ras Al Khaimah
All eyes are on the UAE, as foundation construction of the Wynn Al Marjan Island, owned by US-based hotel and casino operator Wynn Resorts, began earlier this year. The integrated resort is set to open in 2027 and will become UAE’s first casino.
In its latest destination report, Knight Frank featured Ras Al Khaimah (RAK) and the city’s real estate prospects after it was chosen as home to Wynn’s newest casino complex. The global consultancy firm surveyed 183 individuals from the ultra-rich group who have a combined net worth of US$3.2 billion and a spending power of US$2.5 billion.
According to the survey, ultra-rich investors, especially those from East Asia (60%) are now more likely to purchase property in RAK because of the casino development in the city.
More Casinos Expected to Open in UAE
While no other emirate has announced plans to also open a casino, 42% of the respondents believe more casinos will launch elsewhere in the UAE (45% said those casinos could open in 1-2 years). A further 48% said they’d be more likely to purchase residential property in Dubai if a casino opened there.
