Wynn UAE IR construction is “rapidly progressing”, CEO says
Craig Billings said work is approaching the 15th floor of the hotel.
United Arab Emirates.- Wynn Resorts CEO Craig Billings has provided an update on the development of Wynn Al Marjan Island, the integrated resort (IR) that Wynn Resorts is developing in the United Arab Emirates. In an earnings conference call, Billings said construction is approaching the 15th floor of the hotel, which is now at 90 meters.
He highlighted the strategic acquisition of the company’s 40 per cent pro rata share of all 155 acres of Island Three, where Wynn Al Marjan is located. He stated: “As a result, our joint venture now owns not only the land under Wynn Al Marjan, but also 70-plus acres of land for potential future development on the Island.”
The complex will feature 22 restaurants, lounges and bars, a theatre with in-house productions, a 15,000-square-metre shopping esplanade, a spa and a 7,500-square-metre meeting and events centre. Construction began in early 2023 under the direction of UAE-based main contractor ALEC Engineering and Contracting. The tower is expected to be topped off at over 300 metres in the fourth quarter of 2025. The resort is expected to open to the public in early 2027.
Billings mentioned progress on debt financing for the project and praised the Global Center for Gaming Regulation and Administration (GCGRA). He said: “The members of that body are some of the luminaries of the industry and very, very experienced regulators. The establishment of the GCGRA creates – hopefully creates – incremental clarity for investors and financing sources.”
The GCGRA was established last September. Kevin Mullally, a veteran of US gambling regulation, is the GCGRA’s chief executive. It has recently issued its first federal lottery licence, making the UAE the first Gulf state to legalise gaming.
