Wynn Resorts Outlines its US$5 billion Luxury IR in the UAE, Plans 2027 Launch

Wynn Resorts shared an official update on its highly anticipated luxury integrated resort on Al Marjan Island in Ras Al Khaimah, United Arab Emirates. The project was initially expected to cost a total of US$3.9 billion.

 In the investor presentation held on October 8^th, the Las Vegas casino and hotel operator revealed it has increased the budget by 31%, bringing it up to US$5 billion. This comes shortly after Wynn Resorts received the first-ever commercial gaming license in the UAE from the General Commercial Gaming Regulatory Authority (GCGRA).

Details of the UAE Expansion

Wynn Resorts holds a 40% equity stake in the joint IR venture with Al Marjan Island LLC and RAK Hospitality Holding LLC. The project will mainly be funded by US$2.4 million in debt. The casino operator highlighted that the debt raising is oversubscribed since the IR has already drawn the strong interest of local and international investors.

Wynn Resorts is contributing US$1.1 billion in equity, and its current financial input is US$200 million. The remaining amount will be contributed as the venture progresses. Direct construction costs account for US$4.55 billion. The overall budget also includes land acquisition, fees, and capitalized interest.

The high interest in Wynn Al Marjan Island is also because of the massive UAE gaming market potential. The resort is estimated to generate up to US$1.67 billion in gross gaming revenue (GGR) annually once it opens to the public. It is also expected to generate considerable non-gaming revenue, even with the competition expected to break into the market, including a potential IR by MGM Resorts International.

High-End Customer Base Appeal

Wynn Resorts plans to maximize revenue by tapping into the significant demand for luxury hospitality in Dubai. The conglomerate intends to attract ultra-high-net-worth “International VVIPs” and local expats to generate 37% of the IR’s GGR. Wynn’s database of over 100,000 high-rolling clients globally supports this strategy, and the company expects the GGR value to rise three-fold daily once the Al Marjan Island resort launches.

Timeline Projections

Wynn Al Marjan Island is scheduled to open in 2027. The property’s top tower is on track to be completed in Q4 2025, with interiors, fixtures, furniture, and other equipment to be installed over 2026. The resort’s pre-opening is slated for Q1 of 2027.

Once finished, the resort will feature 1,542 hotel rooms – 297 suites, six townhouses, and 22 villas. The gaming floor will cover an impressive 225,000 sqft, accompanied by 130,000 sqft of retail space, 16 restaurants, and six bars. These luxury amenities are anticipated to significantly impact the gaming and hospitality landscape of the Middle East, opening the region up to more similar investments.