UAE GGR could reach up to US$8bn a year, Wynn Resorts CEO says
The Wynn Al Marjan Island integrated resort is expected to open in the first quarter of 2027.
United Arab Emirates.- Wynn Resorts CEO Craig Billings said he expects the UAE gaming market to generate between US$5bn and US$8bn in gross gaming revenue (GGR). He made the comment in an interview with CNBC’s Jim Cramer, discussing the company’s plans for its integrated resort in the country.
Billings also said Wynn is moving ahead with plans to buy Crown London, a private casino in Mayfair. Billings said the project is “a small acquisition in dollar terms, but a big acquisition in strategic terms”. The company will gain a database of customers in the region that could help it grow its business in the UAE, as many potential UAW customers spend time in London.
Billings said the company may build new casinos in Las Vegas and that it is watching the possible legalisation of casinos in Thailand.
In October, the General Commercial Gaming Regulatory Authority (GCGRA) of the United Arab Emirates (UAE) granted a commercial gaming facility operator licence for Wynn Al Marjan Island in Ras Al Khaimah. The IR will feature 1,542 rooms and suites, 22 dining and social venues, a nightclub, a beach club, 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. The gaming space will cover 225,000 square feet (20,903 square meters), 4 per cent of the gross floor area.
In February, the company obtained a US$2.4bn construction facility with a global syndicate of lenders to finance the development. Wynn Resorts said it was “the largest hospitality financing transaction in the history of the United Arab Emirates.” The venue’s opening is expected in the first quarter of 2027.
Wynn Resorts owns 40 per cent of the project and is partnering with Marjan and RAK Hospitality Holding. The company had previously said the casino could generate a minimum of US$1.33bn in GGR annually. Billings noted that the resort is just 50 minutes from Dubai International Airport, making it easily accessible.
