Wynn Resorts Makes Massive Land Grab Next to Site of Planned UAE Casino

Article by : Erik Gibbs Aug 9, 2024

• 
• 

Wynn Resorts has acquired 155 acres of land on Al Marjan Island in the United Arab Emirates (UAE), marking a significant step in its $4-billion integrated resort development. This land purchase, detailed in the company’s second-quarter 2024 financial results yesterday, includes 70 acres designated for potential future expansion.

The acquisition was part of a $357 million expenditure by Wynn during the quarter. It also covered the purchase of Wynn’s 40% share in the joint venture behind the Wynn Al Marjan Island project.

Craig Billings, CEO of Wynn Resorts, explained that the acquisition covers all of Al Marjan Island Three, not just the land directly beneath the current development. The additional land provides a substantial “land bank” that could be used for future projects, either by Wynn Resorts itself or by third parties whose developments would complement the Wynn Al Marjan resort.

Billings pointed out the strategic importance of this acquisition, which goes hand in hand with the company’s previous efforts to acquire land in the US and Macau. He expressed confidence that this investment in Al Marjan Island would prove to be highly valuable over time. “As I have noted before, I believe the UAE is the most exciting new market for our industry in decades and are confident in the demand and EBITDA potential of Wynn Al Marjan as it continues to grow,” Billings added.

Construction on the Wynn Al Marjan Island resort has made great progress, with the structure now reaching the 15th story, making it the tallest building in the Emirate at over 295 feet (90 meters). The resort, scheduled to open in 2027, will feature 1,500 rooms, suites, and villas, alongside the UAE’s first casino. The development will also include over 20 dining and lounge options, a luxury shopping esplanade, a spa and wellness center, an events center, and a theater designed for a unique production show.

Regarding the casino license, Billings noted that progress is expected soon, following recent developments with the UAE’s newly formed General Commercial Gaming Regulatory Authority (GCGRA). The GCGRA, which recently issued the country’s first lottery license, is expected to advance to the next steps in casino licensing, although a specific timeline was not provided.

In addition to its UAE project, Wynn Resorts is keeping a close eye on potential opportunities in Thailand. The CEO confirmed that the company is interested in developing a resort in Thailand, depending on the details of the regulatory and licensing structure. He noted that Thailand’s strong tourism infrastructure, service culture, and favorable operating expenses make it an attractive market for future investment.