The glamorous vision of Wynn Resorts is breaking new ground with its ambitious casino resort set to rise in the United Arab Emirates. According to JPMorgan analysts, the stars seem to be aligning for this venture, thanks to a winning combination of favorable demographics and tax regulations in the region.
The Venture That’s Rolling the Dice: Wynn Al Marjan Island, Breaking New Ground in 2027
Picture this: Al-Marjan Island in Ras Al Khaimah becomes the stage for an unprecedented play in the Arab world—the debut of a legal casino hotel. It’s a bold bet that leverages a prestigious location, the monetary might of UAE clientele, and a legal framework that rolls out the red carpet for such enterprises. This grand project is not just a gamble; it’s a strategic play anticipated to pay off in spades, both in terms of profitability and prestige.
Steered by Joseph Greff and his JPMorgan team, a narrative rich with potential unfolds. The resort’s proximity to Dubai International Airport—just a swift, 50-minute drive—puts it within a stone’s throw of an eight-hour flight for nearly 96% of the global population. Let that sink in. The casino seeks to lure in a captivating mix: 25% of the world’s population contributing to 20% of the globe’s GDP, with plenty of high-rollers in the mix. And if Dubai is already a beacon of luxury and high-end tourism, then Wynn’s venture is ready to be the ace in the deck.
Rolling Out the Green Felt: A Monopoly Game in UAE’s Casino Scene
As the doors swing open in early 2027, this establishment isn’t just joining the game—it’s rewriting the rules. Experts draw parallels to Singapore’s market, a veritable goldmine for operators. With Wynn Al Marjan Island set as the UAE’s inaugural legal casino, it’s positioned to enjoy unrivaled play on the board for a few years—a jackpot that future competitors can only dream of hitting.
High Stakes with Robust Returns: Wynn’s Financial Forecast
The crystal ball shows glimmering prospects, with Wynn forecasting stellar profits ranging from $1.38 billion to $1.88 billion annually. They’re playing their cards right, with expected adjusted EBITDA between $390 million and $570 million. And let’s not overlook the anticipated free cash flows, projected between $170 million and $350 million, amounting to a promising return on invested capital from 9.8% to 15.7%.
These numbers speak volumes, aligning snugly with industry expectations and revealing the ace up the UAE’s sleeve—its tax landscape. With a mere 10% to 12% taxation on gross gaming revenue, compared to the steep 40% in Macau, Wynn is in a sweet spot indeed.
Adding another feather to its cap, Wynn secured a lucrative 15-year casino license—an extension beyond the typical 10-year window seen in places like Macau. With competition expected to be scarce initially, Wynn’s Ras Al Khaimah casino is poised to dominate the nascent UAE market landscape, securing an ace in the hole.
Industry mavens predict the UAE’s gaming market could burgeon to $3-5 billion in total haul. Wynn’s strategic foresight in placing its bets early ensures it stands on the threshold of capitalizing on this robust growth. As the stages are set, the lights are shining bright—Wynn’s gamble in the UAE could very well be a masterstroke, resonating like a winning hand in the world of global gambling.
