Wynn’s UAE IR close to starting hotel tower construction, analysts say
UAE’s first casino resort will have 1,500 rooms.
United Arab Emirates.- Wynn Resorts is progressing towards the construction phase of the hotel for its United Arab Emirates (UAE) casino resort project, Wynn Al Marjan Island. JP Morgan reports that the foundations for the hotel tower and podium are nearing completion.
Scheduled to open in early 2027, Wynn Al Marjan Island is to feature a hotel with 1,500 rooms, an events centre and a theatre, according to previous statements. Wynn is investing 40 per cent of the equity in the project, which is estimated to cost US$3.9bn and is being undertaken in collaboration with local partners.
Craig Billings, CEO of Wynn Resorts, expressed the expectation of obtaining a gaming licence during the company’s second-quarter earnings call. The United Arab Emirates has formed a gambling regulator, the General Commercial Gaming Regulatory Authority (GCGRA), which will govern commercial gaming and lotteries. Kevin Mullally, a veteran of US gambling regulation, has been named the GCGRA’s chief executive while Jim Murren has been appointed chairman. However, the UAE has yet to legalise casinos.
