CBRE says Wynn could generate $355m annually from UAE resort
The outlook comes after Wynn Resorts revised the project’s opening target to September 2027 and increased the total development budget to US$5.7bn.
UAE.- CBRE has forecast that Wynn Al Marjan Island could generate about US$355m in annual free cash flow for Wynn Resorts once the UAE integrated resort reaches full stabilisation.
In a research note on Wednesday, the brokerage said the projected returns would come from management fees and dividends received by Wynn after the property matures, which it expects to occur in 2031. Based on those projections, CBRE estimates the investment could deliver an unlevered annual return on equity of around 22 per cent.
According to CBRE, Wynn has already invested approximately US$1.06bn in the joint venture and is expected to contribute a further US$525m to US$650m, bringing its total equity investment to between US$1.59bn and US$1.71bn.
The revised budget added US$600m, or roughly 11 per cent, to the cost of the development, with Wynn responsible for its 40 per cent share of the increase, equivalent to about US$240m. CBRE said roughly half of the additional expenditure was linked to disruption caused by the regional conflict involving Iran, while the balance reflected normal cost inflation for a project of that scale.
Despite the six-month delay to the opening schedule and the higher budget, CBRE described the changes as relatively minimal given the geopolitical environment, although it cautioned that continued instability in the Middle East could still affect the construction timeline.
CBRE also pointed to Ras Al Khaimah’s tourism performance as a positive indicator for the project, noting that the emirate recorded its highest-ever visitor numbers in the first half of 2026. Domestic arrivals rose 47 per cent year-on-year, which the brokerage said pointed to the depth and resilience of the local market despite the geopolitical environment.
The firm said Wynn Al Marjan Island represents the only meaningful integrated resort casino supply in a large and well-populated surrounding market, supporting its bullish long-term assessment.
