Wynn CEO Sees Massive Opportunity in UAE, Considers Vegas Options

Posted on: March 22, 2025, 05:22h. 

Last updated on: March 22, 2025, 05:22h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • UAE could rival Las Vegas in terms of gaming revenue
  • Wynn focused on UAE population growth, wealth expansion

Wynn Resorts (NASDAQ: WYNN) CEO Craig Billings sees major opportunity in the United Arab Emirates (UAE) where the operator is rapidly progressing on its Wynn Al Marjan Island casino project.

Craig Billings
Wynn Resorts CEO Craig Billings. He’s bullish on the company’s future in the UAE. (Image: Wynn Resorts)

In an interview on CNBC’s “Mad Money,” the Wynn chief executive officer told host Jim Cramer UAE could eventually rival the Las Vegas Strip in terms of revenue derived from gaming activities. That’s a lofty outlook for a market that only recent approved casinos.

Several analysts have come out with gaming market estimates, ranging in the $5 to $8 billion range,” Billings told Cramer. “To put that in perspective, the Las Vegas strip, a little over $6 billion. So that’s a substantial market opportunity.”

Some analysts believe that with contributions from other integrated resorts in the future, the UAE could be a $3 billion to $5 billion market in terms of annual gross gaming revenue (GGR). That would likely put it on pace to rival Singapore for the third spot while ranking behind Macau and the entirety of Las Vegas.

Wynn UAE Casino Rapidly Advancing

Located in Ras Al Khaimah, the $3.9 billion Wynn Al Marjan Island has been under construction for since last year and is expected to open in early 2027.

The project is briskly advancing with Billings telling Cramer 42 out of 70 hotel floors have already been completed and the construction crew is finishing one floor per week. When it opens its doors, Wynn Al Marjan Island will have 1,500 guestrooms and 25 eateries along with a slew of other non-gaming amenities.

Last month, chatter surfaced that the property could feature more casinos than previously expected. It appears the venue will have the standard main casino open to all patrons and there will be a sky gaming casino on the 22nd floor that caters to high-level players. It is unlikely that the property will include a third gaming area.

What is clear is that regardless of how much square footage Wynn Al Marjan Island allocates to gaming, the operator and its local partners will benefit from a multi-year monopoly because UAE regulators have signaled it will be several years before they approve another casino.

In January, Wynn announced the acquisition of Crown London casino from Crown Resorts. That deal, while small in dollar terms, is viewed as integral to bolstering the UAE venue’s long-term trajectory because many of Crown’s members are of Arab heritage and London is one of the most popular tourist destinations for travelers from the Middle East.

Billings Discusses Wynn Expansion Plans

Billings told Cramer it’s possible Wynn could tap its substantial Las Vegas land bank to eventually add another gaming venue in its home market, though such plans don’t appear imminent. The CEO said that Wynn is “simultaneously” thinking about how to best deploy capital in Las Vegas, Thailand, and the UAE.

He described Thailand, where casino gaming legislation is advancing, as an “interesting” market where Wynn is in the “exploratory stages.”

The operator is also teaming up with Related Cos. on a bid to procure a downstate gaming license in New York.