Wynn Resorts Boosts UAE Project Budget to $5.1 Billion

In a landmark move that has the gaming world buzzing, Wynn Resorts has announced a substantial increase in the budget for its ambitious UAE project, Wynn Al Marjan Island. The Las Vegas-based gaming giant has raised the budget for this integrated resort to a staggering $5.1 billion, marking a significant financial commitment to its first venture in the Middle East. This announcement was part of a detailed presentation to investors and analysts, laying out the strategic path and financial dynamics of this colossal project.

Scheduled to open in 2027, Wynn Al Marjan Island is set to redefine luxury and entertainment in Ras Al Khaimah, the fourth largest of the United Arab Emirates’ seven emirates. This remarkable project will cover most of Marjan Island’s third section, strategically located just 50 minutes from Dubai International Airport, making it easily accessible to international visitors. The recently secured license for legal gaming – the first of its kind in the UAE – underscores Wynn Resorts’ strategic foresight in tapping into a burgeoning market. This commercial gaming license opens new avenues for legal gaming activities at the resort, a pivotal component of its business model.

Citing strong demand from both local and international investors, Wynn Resorts revealed that the new budget increase of $1.2 billion would primarily cover direct construction costs. Around $4.55 billion will be allocated specifically for this purpose, underlining the scale and sophistication of the development. Viviana Chan, an editor and journalist with expertise in gaming development and cultural economics, reported on these developments, emphasizing the project’s significant economic and cultural impact.

Wynn Resorts CEO Craig Billings has highlighted the company’s focus on attracting high-net-worth individuals, with the UAE’s affluent populous playing a crucial role. Notably, the United Arab Emirates is home to 9.7 million high-net-worth individuals, accounting for an impressive share of global millionaires. With the global population just an eight-hour flight away, the resort is strategically positioned to attract international VIPs who are expected to generate 37 percent of gross gaming revenues.

The intricate investment structure includes $2.4 billion of anticipated debt, which has already seen oversubscription due to its lucrative prospects. This financial backing, complemented by a 99-slide presentation during Wynn’s Analyst & Investor Update Meeting, illustrates the comprehensive planning and lucrative potential of the Wynn Al Marjan Island development. Despite the absence of finalized federal gaming laws, current regulations dictate marketing strategies that emphasize expatriates and international visitors, minimizing the use of national symbols in promotions.

This singular gaming venue will host 1,542 rooms and dedicate approximately 4 percent of its space to gaming activities. As a pioneering project in Ras Al Khaimah, it aims to establish a foothold before any potential competitors. According to projections, Wynn Resorts expects the UAE’s gaming market to be valued between $3 to $5 billion, with the company holding a major share as new markets in other emirates like Dubai or Abu Dhabi potentially develop.

Wynn Resorts views regions such as Europe, India, and the Gulf Cooperation Council countries, alongside the UAE itself, as pivotal markets. The company’s strategic focus on India is based on its vast population and burgeoning wealth, making it a key target demographic for the grand Wynn Al Marjan Island.