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UAE: Work on Wynn gaming resort in RAK 'progressing at rapid pace', says CEO
Wynn Al Marjan Island, a mega project worth $3.9 billion, is currently expected to open in 2027
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Work on the multi-billion dollar Wynn Al Marjan Island project, which is scheduled to open in Ras Al Khaimah in 2027, is “progressing at a rapid pace” as the US company Wynn Resorts announced a $356.5-million (Dh1.31-billion) investment into the project.
Wynn Resorts, which owns 40 per cent of the venture, has contributed $514.4 million (Dh1.88 billion) to the project so far. Its investment for the second quarter of 2024 was used primarily to fund its pro-rata portion in the purchase of approximately 155 acres of land at the resort's development site, including over 70 acres of land for potential future development in Ras Al Khaimah.
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“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 finalised 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 for selected third parties complementary to Wynn Al Marjan,” said Craig Billings, CEO of Wynn Resorts, after the release of company's second-quarter results.
The emirate's Al Marjan Island has seen massive foreign and local investments, especially after the launch of the Wynn Al Marjan development. As reported by Khaleej Times earlier, Al Marjan Island, which will house 12,000 residential units, has been sold out.
It consists of four islands with 7.8km of pristine beaches and 2.7 million sqm of reclaimed land. It houses six operational hotels on the site, including Rixos Bab Al Bahr, DoubleTree by Hilton, Movenpick Resort, Hampton, Pullman Resort, and Radisson Resort. Together, they offer more than 3,000 room keys.
Costing about $3.9 billion, Wynn Al Marjan will be the first integrated gaming resort in the Middle East and North Africa. The gaming areas will be centrally located at the property and readily accessible to visitors.
“We estimate our remaining 40 per cent pro-rata share of the required equity is approximately $900 million, inclusive of capitalised interest, fees, and certain improvements on the island. Wynn Al Marjan Island is currently expected to open in 2027,” it said in the quarterly statement.
The company announced operating revenues of $1.73 billion for the second quarter of 2024, an increase of $137.1 million from $1.60 billion for the second quarter of 2023. Net income was $111.9 million, compared to $105.2 million during the comparative period. Wynn Resorts’ board of directors declared a cash dividend of $0.25 per share, payable on August 30, 2024, to stockholders of record as of August 19, 2024.
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