Record tourism in Ras Al Khaimah during 1H26 has strengthened the domestic demand case for Wynn Al Marjan Island, despite regional instability and continued weakness in international travel, according to CBRE Equity Research.
The emirate received more than 670,000 visitors during the period, the highest first-half total on record, according to data from the Ras Al Khaimah Tourism Development Authority (RAKTDA).
Domestic arrivals increased 47 percent year-on-year, while May was the strongest single month in the emirate’s history. Hotel room rates remained broadly stable compared with the prior-year period.
CBRE analysts said in a report dated July 29th that the tourism performance should ‘change the narrative’ surrounding Wynn Al Marjan, which investors have discounted because of the conflict involving Iran and uncertainty over regional travel.
An extended Eid Al Adha holiday and travel advisories discouraging international trips contributed to the increase in domestic tourism. However, CBRE said the figures also demonstrated Ras Al Khaimah’s ability to attract demand from within the United Arab Emirates.
International visitation recovered after travel advisories were temporarily lifted, particularly from India, Russia and the UK. New advisories have since been introduced, leaving international demand subdued.
The continuing volatility may prevent Wynn Resorts from providing a firm opening date for the integrated resort, according to the report. However, the analysts believe an opening in mid- to late-2027 remains feasible.
Wynn had invested more than $1 billion in the project as of 1Q26, with an estimated $350 million to $450 million of capital expenditure remaining.
CBRE described the UAE and wider Gulf region as a ‘deep, untapped market’ and said Wynn Al Marjan would be the ‘only game in town’ for the foreseeable future.
In Macau, CBRE retained its 2Q26 EBITDA estimate of $287 million. The analysts expect the World Cup to weigh on July gaming revenue before demand rebounds relatively quickly in August.
