Wynn Could Evaluate UAE IPO, Second Casino There
Posted on: September 8, 2025, 07:45h.
Last updated on: September 8, 2025, 07:46h.
- Wynn and its UAE partners could mull second casino hotel
- Agreement also opens door to possible UAE IPO
Wynn Resorts (NASDAQ: WYNN) has avenues through which it could bring a second casino resort to the United Arab Emirates (UAE) in the future and possibly consider an initial public offering (IPO) of its holdings there.
Citing a 2024 agreement between the casino operator and its UAE partners RAK Hospitality Holding and Al Marjan Island LLC, Arabian Gulf Business Insight (AGBI) reported it’s possible another integrated resort will be developed down the road after the $5.1 billion Wynn Al Marjan Island opens in early 2027. If that happens, the second venue would likely be built on near the first on land held by the Las Vegas-based gaming company.
The Parties acknowledge and agree that Wynn SPV (or an Affiliate of it) shall be the casino operator of any casino developed on the Second integrated resort (IR) Plot and Wynn SPV (or an Affiliate of it) shall remain the sole casino operator for the Second IR Plot,” according to the accord.
Through a local subsidiary, Wynn owns 40% of the joint venture. The deed to the land that could be used for a second casino hotel is held by Al Marjan Island LLC.
Wynn Highlighted UAE Property Holdings
On Wynn’s second-quarter earnings conference call, CEO Craig Billings mentioned the operator’s excess UAE property holdings, noting plans for that land could be revealed over the next year.
“Don’t forget, we have a whole land bank there, and you shouldn’t be surprised over the course of the next year or so to hear us talk about using portions of that land bank,” said Billings on the August call.
The agreement between Wynn and its local partners indicates the second IR plot consists of “approximately 593,870.3 square feet of existing land” as well as “additional land of approximately 892,306.75 square feet to be reclaimed adjacent to the Second IR Base Plot.”
A Wynn spokesperson told AGBI the company hasn’t announced any formal plans for the aforementioned unused land. Under the terms of the pact with local partners, Wynn cannot open another gaming venue in a Gulf Cooperation Council (GCC) nation unless the other shareholders approve of that. Additionally, consensus indicates it will be several years, perhaps longer, before UAE regulators approve another gaming venue, indicating the Wynn consortium doesn’t need to rush to make a decision on the unused property.
Wynn UAE IPO Possible, Too
The agreement also details the way through which Wynn’s UAE holdings could become a publicly traded entity, including the formation of a joint stock company and alternatives.
“Insert such other new Holding Company in respect of the Company and, if applicable, the Infra Group as is required by the rules and regulations applicable to a listing on the relevant exchange; (iii) merge the JV Group and the Infra Group for the purposes of such IPO; and/or (iv) carry out any combination of the foregoing, in each case, in the manner agreed to by the Shareholders as a Shareholder Reserved Matter,” according to the pact.
It’s not clear if a structure comparable to Wynn Resorts/Wynn Macau would be a preferred avenue.
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