Ras Al Khaimah: Wynn Resorts has announced a significant investment of $356.5 million into its flagship project, Wynn Al Marjan Island. This brings the total investment from the US gaming giant to a substantial $514.4 million. Construction on the ambitious development is reportedly progressing at a rapid pace.
Slated to open in 2027, Wynn Al Marjan Island is set to be the first integrated gaming resort in the Middle East and North Africa. The project is a joint venture between Wynn Resorts and local partners, with the former holding a 40% stake. The entire development is estimated to cost around $3.9 billion.
Land acquisition fuels expansion
A major portion of the latest investment was directed towards acquiring approximately 155 acres of land, including a substantial 70-acre plot for potential future development. This strategic land acquisition underlines Wynn Resorts’ long-term commitment to the region.
A real estate boom
The emirate of Ras Al Khaimah, and specifically Al Marjan Island, has witnessed a surge in investment, primarily fueled by the high-profile Wynn project. All 12,000 residential units on the island have already been sold out.
The island boasts four separate islands, 7.8 kilometers of pristine beaches, and a total area of 2.7 million square meters. It currently houses six hotels offering over 3,000 rooms.
Strong financial performance
Wynn Resorts reported robust financial results for the second quarter of 2024, with operating revenues climbing to $1.73 billion. The company declared a cash dividend of $0.25 per share, payable on August 30, 2024.
Craig Billings, CEO of Wynn Resorts, expressed enthusiasm about the project's progress, stating, “We continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace. During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizeable land bank for potential future development opportunities for Wynn Resorts or selected third parties complementary to Wynn Al Marjan,”
The gaming resort is expected to be a major draw for tourists and investors alike, solidifying Ras Al Khaimah's position as a premier destination in the region.