Wynn Resorts has contributed $514.4 million in total equity for the upcoming Wynn Al Marjan Island project, which will house the UAE’s first casino in Ras Al Khaimah. The casino resort operator is eyeing the European and Indian markets to drive demand for the property once it opens in 2027, its CEO said.

Sharing details during the Q2 earnings call, Craig Billings said the company had contributed an additional $357 million of equity in Q2 to its UAE joint venture, with local partners Marjan LLC, and RAK Hospitality Holding.

The total equity split will see approximately $300 million earmarked for Wynn Al Marjan and a little over $200 million for what has been termed “the Marjan land bank and related infrastructure.”

“This transaction included the purchase of our 40% pro rata share of all 155 acres of Island Three, the island on which Wynn Al Marjan sits,” Billings said. “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,” he added.

A construction update on the $3.9 billion Wynn Al Marjan Island project as of 1 May, 2024. Image courtesy: Wynn Resorts
A construction update on the $3.9 billion Wynn Al Marjan Island project as of 1 May, 2024. Image courtesy: Wynn Resorts
A construction update on the $3.9 billion Wynn Al Marjan Island project as of 1 May, 2024. Image courtesy: Wynn Resorts

The company had made “meaningful progress” during the quarter on the debt financing for the project and expect to finalise that financing later in the year, Billings said.

Investors need clarity

Speaking about the future of gaming in the UAE, Billings hopes that the federal regulatory body for gaming, General Commercial Gaming Regulatory Authority (GCGRA), will create more clarity for investor and financing sources. He also anticipates that the GCGRA will soon proceed to the next step in Wynn’s licensure.

With the Ras Al Khaimah gaming resort scheduled to open early 2027, the chief executive said that Europe and India will be big markets for the property in the coming years.

“There’s a lot of wealth in India, and that’s gonna [sic] be an important market. And there are other parts of Asia that are big markets for the UAE as well,” he said.

Construction on the $3.9 billion resort is “rapidly progressing”, with work approaching the 15th floor of the hotel, reaching a height of 90 metres. Once complete, Wynn Al Marjan Island will feature 1,542 rooms and suites, including 22 private villas.

(Reporting by Bindu Rai, editing by Seban Scaria)

bindu.rai@lseg.com