Wynn Resorts to invest US$900m in UAE IR
The casino operator is also eyeing Thailand.
Macau.- Wynn Resorts’s chief executive Craig Billings has estimated that the group will invest around US$900m in the construction of Wynn Al Marjan Island, the integrated resort (IR) it is developing in the United Arab Emirates (UAE). He made the estimation during a conference call on first-quarter earnings.
Billings said the total project budget is approximately US$4bn, with the allocated capital dependent on construction leverage. Wynn Resorts intends to contribute around 40 per cent of the equity, with the remaining portion financed through debt. The resort is expected to open to the public in early 2027.
Wynn Resorts is developing the project in partnership with Marjan and RAK Hospitality Holding. The Wynn Al Marjan Island will feature 1,542 rooms and suites, including 22 private villas in a new marina adjacent to the resort. There will be beachside swimming and wading pools, water features and private cabanas.
Alongside the UAE venture, Wynn Resorts is exploring potential opportunities in other regions, including New York City and Thailand. In Thailand, the company is monitoring the regulatory landscape as the government explores the legalisation of casinos in designated entertainment zones.
As regards New York City, Wynn Resorts will be a contender for one of three downstate licences. “Despite the elongation of the request-for-application submission process in New York, we remain intrigued by the prospect of a Wynn resort in Manhattan,” Billings said.
