Vah-ray-kay
Here's a breakdown:
* Vah: The "V" is pronounced as a soft "V", similar to the "V" in "victory".
* ray: Pronounced as the word "ray"
* kay: The "k" is pronounced like the "k" in "kite"
You can listen to the correct pronunciation on the Cirque du Soleil website, where Varekai is a popular show.