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US-listed luxury hotel developer and casino operator Wynn Resorts Ltd has announced a multibillion-dollar integrated resort development on Al Marjan Island in Ras Al Khaimah, UAE.
The project, on the man-made Al Marjan island comes as RAK's Tourism Development Authority (RAKTDA), formed a new division to regulate integrated resorts, which are set to include entertainment, lounges, spa, retail and gaming facilities.
Wynn Resorts has posted the deal on its website and stated that the multipurpose integrated resort is scheduled to open in 2026.
The new resort is in the initial stages of design and development and will be applying for an integrated resort licence from RAKTDA, it said.
"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," Wynn Resorts said in its website.
The Department of Entertainment and Gaming Regulation within RAKTDA will consider the social, cultural, and environmental landscape of the emirate and cover licensing, taxation, operational procedures, and consumer safeguards, RAKTDA said in a statement regarding the formation of a new division to regulate integrated resorts.
"The foremost priority of this new division is to create a robust framework that will ensure responsible gaming at all levels," it said.
The regulatory structure will address the entire gaming enterprise within integrated resorts, requiring compliance with all applicable laws and regulations (including financial crime laws) from operators, suppliers and employees.
However, it is not clear if 'gaming' mentioned in statement from the tourism authority means gambling.
"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," Eng. Abdulla Al Abdooli, CEO of Marjan, said in a statement published on Wynn Resorts’ website.
“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," he added.
(Reporting by Seban Scaria; editing by Anoop Menon)
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