In a bold move that mirrors placing a high-stakes wager on a promising hand, Wynn Resorts, the behemoth of the gaming and hospitality world, has decided to up the ante on its latest venture, Wynn Al Marjan Island, set to unfold in the dazzling landscape of the United Arab Emirates. Hot off the press, this move follows the trailblazing acquisition of the UAE’s very first commercial gaming license, marking a historic milestone for both the region and the casino industry.
A Pioneering License: Winning Hand
Destined to become a crown jewel in Ras Al Khaimah, Wynn Al Marjan Island was initially pegged at a formidable $3.9 billion investment—a figure as bold as a royal flush. However, like a player doubling down for triple sevens, the company has now expanded its financial commitment by a staggering 31%, setting the new price tag at $5.1 billion.
This increased commitment was unveiled during an investor presentation on October 8, detailed in the glitzy realm’s first commercial gaming license from the UAE’s General Commercial Gaming Regulatory Authority (GCGRA). Intricacies of the revised budget reveal allocations for fees and interest, pushing the construction costs to an approximate $4.55 billion. A substantial portion will roll out from a $2.4 billion debt line—akin to borrowing chips on a promising table.
If Wynn plays its cards right, Wynn Al Marjan Island is slated to open its gilded doors in 2027, inviting guests to what promises to be an unmatched gaming and luxury experience.
Rolling the Dice on UAE: Betting Big
Wynn Resorts is placing its chips on the table, showing a bullish attitude toward the UAE’s gaming horizon, confident in the region’s casino market potential. As analysts from Morgan Stanley jest with a wink, the local gaming floor could rake in an annual gross gaming revenue of between $3 to $5 billion—an optimistic forecast that could hold the key to the region’s jackpot.
The final tally will hinge on the number of gaming resorts allowed to rise from the desert sands and whether local patrons will be permitted to try their luck. It’s said that officials from MGM are speculating on the possibility of up to four resorts, while Wynn pensively predicts a trifecta of such luxury destinations.
With its glamorous allure, Wynn Al Marjan is anticipated to pull in $1.4 billion in GGR annually. Not just a haven for gamblers, the resort promises to captivate non-gaming tourists, drawn by the UAE’s reputation as a premier luxury destination and its location that’s a hop, skip, and a jump from Ras Al Khaimah International Airport.
Strategic Expansion: Raising the Stakes Globally
Wynn Al Marjan isn’t just a standalone venture; it’s a collaborative masterpiece between Wynn, RAK Hospitality Holding LLC, and Al Marjan Island LLC. The operator has already scooped up additional land in Ras Al Khaimah, hinting at ambitious plans to expand its local ventures like a shark circling new waters.
This grand development dovetails with Wynn’s strategic vision of wooing VIP patrons across international waters—a concerted effort to solidify its ace position on the global stage.
Earlier this year, Wynn confirmed its eyes were also set on Thailand, where the potential legalization of integrated resorts glimmers like a beacon on the horizon.
