The construction of the hotel tower on Wynn Al Marjan Island, a multi-billion-dollar resort in the United Arab Emirates, is set to begin soon. The ambitious project, with a whopping $4 billion investment, is located on the Al Marjan Island in the UAE. Wynn Resorts had previously shared its intentions to create a “Las Vegas Strip” in the UAE.
The massive investment is a joint effort between Wynn Resorts and its local development partners, RAK Hospitality Holding LLC and Marjan LLC. Wynn Resorts’ share of the investment is approximately 40% of the total cost, estimated at $3.9 billion, with the company expecting to welcome its first guests to Wynn Al Marjan Island in 2027.
During an earnings call discussing the company’s Q4 2023 results, CEO Craig Billings expressed excitement about the potential of the UAE project. He emphasized that the resort on Al Marjan Island would help diversify Wynn’s portfolio and expand its presence into new markets. Billings also confirmed that the construction of the UAE resort is ongoing and that the hotel tower’s foundation is complete, signaling the imminent start of vertical development.
The Wynn Al Marjan Island project covers a vast 5.6 million square feet and is expected to include casino gambling, pending approval from the UAE, which currently prohibits gambling activities. One possible avenue for introducing casino gambling in the region is through a foreigner-only casino, a model utilized in other countries.
Alongside news of the impending project, Wynn Resorts reported strong growth in operating revenues in its Q4 results. Operating revenues for Q4 2023 reached $1.84 billion, a significant increase from the $1 billion reported during the same period in 2022. The company also saw net income soar to $729.2 million for the fourth quarter of 2023, attributing the increase to higher operating revenues from its Las Vegas and Macau operations, among other positive factors.