Construction of the Wynn Al Marjan—an integrated gaming resort coming up in Ras Al Khaimah—is progressing rapidly and has reached the 15th floor.
"Construction is rapidly progressing on the project, with work now approaching the 15th floor of the hotel. The building now stands just over 90 metres,” said Craig Billings, CEO of Wynn Resorts, during an investor and analyst call on Tuesday.
Upon completion, it will be the tallest building in Ras Al Khaimah. The hotel – which is scheduled to open in 2027 – will feature 1,542 rooms and suites, including 22 private Villa Estates situated on the marina adjacent to the resort.
Last week, Wynn Resorts announced that the General Commercial Gaming Regulatory Authority (GCGRA) of the UAE issued a to the entity developing the Wynn Al Marjan Island resort in Ras Al Khaimah.
Billings said they were delighted with the public announcement of the General Commercial Gaming Regulatory Authority (GCGRA) – the federal regulatory body for gaming in UAE – for awarding the licence.
“The GCGRA members are very experienced and its establishment creates incremental clarity for investors and financing sources.”
Wynn Resorts, which owns 40 per cent of the venture, contributed $514.4 million (Dh1.88 billion) to the project so far.
Wynn Al Marjan is a joint venture between affiliates of Wynn Resorts; Marjan and RAK Hospitality Holding.
During the second quarter, Wynn Resorts contributed $357 million of equity to its UAE joint venture. This transaction included the purchase of our 40 per cent pro rata share of all 155 acres of Island three where Al Marjan sits. “As a result, our joint venture now owns not only the land under Wynn Al Marjan but also 70 plus acres of land for potential future development on the island,” said Billings.
“We have banked land before in the US, Macau. We are confident that acquiring this sizable Al Marjan land bank will prove valuable over the long term. The UAE is the most exciting new market for our industry in decades, and our confidence in the demand and EBITDA potential of Al Marjan continues to grow... I remain incredibly bullish about the future of our company. We have the best assets in the world's premier gaming markets. We also have an exciting high ROI development project in the UAE well underway – a development opportunity that is unique in our industry,” he said during the analyst call.
Replying to a query about the top source markets for the Al Marjan hotel, Wynn Resorts CEO Billings said the UAE’s proximity to India and Asia is an advantage for the property.
He added that UAE has a strong expatriate population which is also an advantage for the gaming facility.
“We have 10 million people in UAE and 9 million are non-Emiratis. That is a pretty favourable number. We have a very robust market plan. We will be ready when the doors are open. Europe is an important market too for Wynn Al Marjan, but don’t forget India also, which is a huge market in this part of the world. A lot of folks and wealthy in the UAE are from India,” he added.
In terms of returns, Billings said the highest relative return is absolutely going to come from the Al Marjan island asset.
