Wynn Al Marjan Island, the multi-billion-dollar hospitality and entertainment resort by Wynn Resorts, is set to begin development in the United Arab Emirates (UAE). The $4 billion project, located on the Al Marjan Island, aims to replicate the “Las Vegas Strip” in the UAE.
The development is a collaboration between Wynn Resorts, RAK Hospitality Holding LLC, and Marjan LLC. Wynn Resorts will invest approximately 40% of the total cost, estimated at $3.9 billion. The resort is expected to welcome guests in 2027.
During Wynn Resorts’ Q4 2023 earnings call, CEO Craig Billings expressed optimism about the UAE project, stating that it will help the company diversify its portfolio and expand into new markets. Billings noted that the construction is progressing, with the hotel tower and podium foundation completed, allowing for the vertical development of the hotel tower to commence.
The project, spanning 5.6 million square feet, may offer casino gambling, subject to approval in the UAE where gambling activities are currently prohibited. One potential path to introduce casino gambling is through a foreigner-only casino, a model seen in other countries.
Following the Q4 report, Wynn Resorts reported strong growth in operating revenues, reaching $1.84 billion, a significant increase from the previous year. Net income for the fourth quarter of 2023 soared to $729.2 million, attributed to increased operating revenues in Las Vegas and Macau operations.
Overall, the Wynn Al Marjan Island project represents a significant investment and a strategic move for Wynn Resorts to expand its presence and offerings in the UAE while continuing its growth in the global hospitality and entertainment industry.