Wynn Advancing in UAE Construction Project, Possible Completion by End of 2025
Wynn Resorts (NASDAQ: WYNN) recently provided a progress update on their Wynn Al Marjan Island integrated resort in Ras Al Khaimah, United Arab Emirates (UAE). The company expects the iconic 300-meter-tall resort tower to be completed by the fourth quarter of 2025.
The construction of this casino hotel, which is set to be the first of its kind in the Middle East, commenced last year. Opening is scheduled for early 2027. The Al Marjan Island resort is being developed in partnership with local partners Marjan LLC and RAK Hospitality Holding LLC. Wynn Design and Development, the in-house architectural team of Wynn, is overseeing the creative and design aspects of the project.
According to a statement by Wynn, the resort will feature 1,542 rooms and luxurious suites, including 22 exclusive and privately located Villa Estates near a newly created marina and adjacent to the resort. It will also boast a massive poolscape right by the beach with various swimming and wading pools, water features, secluded cabanas, and lush tropical landscaping that covers over 3.6 hectares.
The project is anticipated to cost around $4 billion, with Wynn being a minority investor in the plan, which means it's not responsible for covering all the expenses.
Wynn Awaits UAE Casino Regulatory Approval
Despite the advancements in the development of Wynn Al Marjan Island, the casino gaming regulations in UAE have not been officially approved yet.
In September 2022, the General Commercial Gaming Regulatory Authority (GCGRA) was established as the first gaming regulator in UAE. There was hope that by 2024, this regulatory body led by former MGM Resorts International (NYSE:MGM) CEO Jim Murren would introduce casino gaming guidelines.
Meanwhile, Wynn understands the viewpoint that gambling is frowned upon by many countries in the Arab world. As a result, gaming won't be the main focus of Wynn Al Marjan Island. At most, it will occupy 4% of the resort's 5.6 million square feet. The operator seems to emphasize non-gaming amenities as the backbone of its UAE resort.
The statement released by Wynn mentions that, "The resort will also include a 15,000-square-meter shopping esplanade featuring the world's luxury boutiques, a five-star spa, and a salon. The 7,500-square-meter meetings and events center is designed to accommodate conferences, conventions, and celebrations like weddings. The project also features several outdoor event terraces and lawns."
Wynn Seeks Growth in UAE
Wynn's current casino portfolio includes three venues in the US and two on the Las Vegas Strip, as well as two integrated resorts in Macau. To meet their growth objectives both domestically and internationally, the company is eyeing new opportunities.
Given the scarcity of locations suitable for high-end resorts like the ones developed by Wynn, places such as the UAE are an attractive option.
As Wynn concludes in the statement, "Ras Al Khaimah is one of the fastest growing tourism markets in the MENA (Middle East and North Africa) region and is remarkably convenient because of its proximity to the Ras Al Khaimah, Dubai, and Abu Dhabi airports. Comprising four islands, Al Marjan Island captivates visitors with nearly five miles of beaches and 24 kilometers of waterfront, along with world-class accommodation and residential developments."
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Source: www.casino.org
