Wynn Resorts has named a new president for its upcoming development in the UAE.
Max Tappeiner joins the Al Marjan Island project from Wynn Las Vegas where he was Executive Vice President of Operations.
He replaces Thomas Schoen as Chief of the Ras Al Khaimah resort, who joined in May 2023.
Previously, Max has also worked as Senior Vice President of Resorts World in Las Vegas for two years, and Vice President of Operations at The Venetian from 2015 to 2019.
Wynn Al Marjan Island, slated to open in 2027, is located in Ras Al Khaimah. It is set to cost approximately £3.1bn.
Construction on the casino, the first beachfront development for Wynn Resorts, began in early 2023.
The resort will include 1,542 rooms and suites, including 22 private villa estates. There will also be 22 lounge, dining and bar experiences, as well as a theatre, through a partnership with Marjan LLC and RAK Hospitality Holding LLC.
“The Wynn casino and resort has been a game changer for Marjan. Everyone is there in anticipation that RAK’s tourism will grow rapidly with the casino. It’s about the gaming, the shows, the hotels. You’re essentially bringing a mini-Vegas to Ras Al Khaimah.”
Khalid Bin Kalban, CEO, Dubai Investments PJSC
According to analysts at CBRE, casinos in the UAE could one day generate as much as $8.5bn in revenue. That assumes Wynn is one of a handful of casinos to open across the UAE and prohibitive gambling laws are relaxed.
“We believe the UAE represents one of the most compelling opportunities in global gaming given its robust existing tourism industry, high propensity for luxury and consumer spending, business-friendly operating environment, strong existing transportation and lodging infrastructure, and virtually no gaming competition in the region.
“Wynn Al Marjan Island should generate strong returns, high property margins, and a greater non-gaming mix than Macau and even potentially Singapore integrated resorts.”
John Decree, director of equity research, CBRE
It comes as high-net-worth-individuals take aim at Abu Dhabi and RAK property markets. Knight Frank found that the UAE’s northern most emirate, Ras Al Khaimah (RAK) has been named as the fourth most likely property investment destination (2%) in the country for global HNWI, behind Dubai (67%), Abu Dhabi (23%), Sharjah (5%).
According to Knight Frank, the planned arrival of the Wynn Resort, including its responsible gaming venue, is playing a significant role in transforming the fortunes of Ras Al Khaimah.
