Ras al-Khaimah also found itself linked to the case of an Alaska man who laundered $1 billion held in South Korea for Iran. in recent years have used Dubai’s real-estate market as a haven for their assets. Already, war profiteers, terror financiers and drug traffickers sanctioned by the U.S. However, casinos and the large amounts of cash they generate raise the danger of money laundering. Construction work is ongoing involving projects for casino firms MGM, the Bellagio and Aria. It still has its deactivated slot machines on board. Britain’s famed ship the Queen Elizabeth 2 opened as a hotel in Dubai in 2018 after over $100 million of repairs. diplomatic cable released by WikiLeaks speculated that Dubai’s casino plans had “been put on ice due to deference” to the late Sheikh Zayed bin Sultan Al Nahyan, the country’s first president after unification in 1971.īut in recent years, rumors about casinos kept growing. It has liberal alcohol rules and an area focused on beach resorts, while also advertising outdoor activities around Jebel Jais, the highest point in the country at 1,934 meters (6,345 feet) above sea level.Ī 2004 U.S. It draws tourists from India, Russia, the United Kingdom and Egypt.

Ras al-Khaimah, or “the top of the tent” in Arabic, is ruled by Sheikh Saud bin Saqr Al Qasimi and is most-widely known for its eponymous RAK Ceramics company.īut Ras al-Khaimah has been trying to raise its profile for years in the tourism market, which is dominated by Dubai. Ras al-Khaimah is the northern-most emirate in the UAE, a federation in which individual autocratic rulers wield wide powers in their emirate. “These are all the details that can be provided at this stage.” “The newly announced integrated resort is still in its early design phase and due for completion by 2026,” a followup statement from Marjan, the Ras al-Khaimah developer involved in the deal, said. The casino industry as a whole has been hard hit by the coronavirus pandemic.Ī statement on the deal, also posted to Wynn Resorts’ website, included repeated mentions of “gaming” facilities at the site. Wynn stock closed up nearly 2% to $86.46 a share in trading Tuesday on the Nasdaq Stock Market after the announcement.

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