Loan secured for Wynn Al Marjan Island UAE casino development
Wynn Resorts has obtained a construction facility for Wynn Al Marjan Island from a global syndicate of lenders.
United Arab Emirates.- Wynn Resorts has today (February 7) announced an agreement for a US$2.4bn construction facility with a global syndicate of lenders to finance the development of Wynn Al Marjan Island integrated resort (IR).
The loan was made available to Wynn Al Marjan Island FZ-LLC, a subsidiary of the joint venture in which Wynn holds 40 per cent. It is available in both AED and USD currencies and has a duration of seven years “at a competitive market interest rate.” The loan is structured as a delayed draw facility to provide flexibility. Wynn Resorts said it was “the largest hospitality financing transaction in the history of the United Arab Emirates.”
The bank syndicate includes regional and international lenders. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as joint coordinators. They and First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah, acted as initial mandated lead arrangers, bookrunners and underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as lead arranger. First Abu Dhabi Bank PJSC is acting as agent and security agent for the lenders.
The company said construction has been progressing as expected, with 64 per cent of structural concrete now complete. The main tower has reached the 34th floor, with elevator cores extending to the 36th floor.
The IR will feature 1,542 rooms and suites. Some 1,226 rooms in the tower have been built – 80 per cent of the total. The construction crew is finishing one floor each week, aiming to complete topping off by December of this year. Over the past 100 days, the resort tower has risen by approximately 140 feet.
The IR will include 22 dining and social venues, a nightclub, a beach club, and a pool area covering 3.6 hectares, a shopping promenade spanning 15,000 square metres and a 7,500-square-metre meetings and events centre.
In October, the company said the casino could generate a minimum of US$1.33bn in gross gaming revenue (GGR) annually. The gaming space will cover 225,000 square feet (20,903 square meters), 4 per cent of the gross floor area. The cost is estimated at US$5.1bn. Project costs alone will amount to US$4.6bn. Opening is expected for the first quarter of 2027.
The General Commercial Gaming Regulatory Authority (GCGRA) has not confirmed any other applicants for casino licences, but Wynn Resorts expects that two other resorts will be licensed, most likely in other emirates.
