Wynn Increases Budget for Wynn Al Marjan Island
Date: 2024-10-09 Author: Alex Crawford Categories: EVENTS
Wynn Al Marjan Island, located in Ras Al Khaimah, was originally planned to cost $3.9 billion. However, according to the latest figures, the project’s budget has increased by 31% to $5.1 billion. The information was announced in an investor presentation published on October 8, after the UAE’s General Gaming Regulatory Authority issued the company its first license.
Wynn said the increased budget includes various fees and interest, and the actual construction costs will be about $4.55 billion. A significant portion of the funding — $2.4 billion — will be provided through debt.
If all goes according to plan, Wynn Al Marjan Island is expected to open in 2027.
Wynn Optimistic About UAE
Wynn continues to be optimistic about the UAE gambling market, believing that the local market has huge potential. Morgan Stanley estimates that it could generate between $3 billion and $5 billion in annual gross gambling revenue.
The final figure will depend on the number of resorts allowed to open and the ability of locals to participate in gambling. MGM representatives previously suggested that up to four such resorts could be allowed in the UAE, while Wynn suggests three.
In any case, Wynn Al Marjan expects the resort to generate about $1.4 billion in gross gambling revenue per year. In addition, the resort plans to attract a lot of non-residents, given the UAE’s status as a luxury tourist destination and its proximity to Ras Al Khaimah International Airport.
Wynn Targets International Growth
Wynn Al Marjan is a joint venture between Wynn and RAK Hospitality Holding LLC and Al Marjan Island LLC. The operator has already acquired additional land in the emirate and is developing plans to expand its business in the region.
The new resort is in line with the company's strategy to attract VIP clients in international markets. Earlier this year, Wynn confirmed its interests in Thailand, where the possibility of legalizing integrated resorts is being discussed.
