Wynn Reveals Name, Time Line for UAE $3.9B Casino Resort

Posted on: April 28, 2023, 04:51h. 

Last updated on: May 1, 2023, 12:15h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Wynn Resorts has announced new details on its upcoming casino resort on Al-Marjan Island in the United Arab Emirates (UAE). At $3.9 billion, the project will cost $1.2 billion more than Wynn Las Vegas, which celebrated its 18th anniversary today.

Wynn Al Marjan Island
A rendering of Wynn Al Marjan Island. The venue in the United Arab Emirates is slated to open in early 2027. (Image: Wynn Resorts)

In the announcement, Wynn revealed several design renderings of the property. The Las Vegas-based casino operator also announced the official name for the property: Wynn Al Marjan Island.

Wynn also reiterated that the integrated resort will open sometime in early 2027, and will cost an estimated $3.9 billion to build. Construction on the property commenced several weeks ago.

Wynn Al Marjan Island is envisioned as one of the world’s largest gaming facilities. The property will include resort amenities, and feature a hotel with 500 rooms and suites and 24 dining options, all featuring ocean views. The property will also have a 1,000-foot-tall tower and several beachfront villas.

Wynn is partnering with RAK Hospitality Holding LLC — a local hotel developer — on the project, and it’s estimated the US company’s stake will be around a third. Previously, analysts speculated the UAE property would carry a $2 billion price tag.

Changing Culture

The UAE is one of the prime tourist destinations in the Middle East/North Africa (MENA) region, and Ras Al Khaimah is one of the drivers of that enthusiasm.

Las Vegas, Macau, and Singapore are saturated, so global casino operators are looking for new expansion frontiers in the US and abroad. With Wynn Al Marjan Island, the operator is beating rivals to the punch to establish a presence in previously untapped regions.

The Wynn Al Marjan Island could become a game changer for Wynn itself and the global gaming industry. The UAE project diversifies a portfolio that’s heavily dependent on Macau.

If gaming proves to be a success in Ras Al Khaimah, other emirates could also consider liberalizing their stances. That could be a boon for Caesars Entertainment and MGM Resorts International, both developing nongaming hotels in the UAE.

Wynn Al Marjan Island: Expect Luxury

In the US and Macau, Wynn’s five integrated resorts are among the poshest in the world, with the accolades to back that up. Wynn Al Marjan Island will keep with that tradition, which is necessary, given the competitive landscape of Al Marjan Island.

“With a rapidly growing portfolio of luxury five-star hotels and residential developments that offer a wide range of amenities and services and boasting over 7.8 kilometers of sparkling beaches and twenty-three kilometers of waterfront, Al Marjan Island is today seamlessly transitioning into a world-class resort destination,” according to the statement.