Work on the multi-billion dollar Wynn Al Marjan Island project in Ras Al Khaimah is advancing swiftly, according to Wynn Resorts CEO Craig Billings. The ambitious development, slated to open in 2027, received a significant boost with Wynn Resorts announcing a $356.5 million (Dh1.31 billion) investment into the project. This brings the company’s total contribution to $514.4 million (Dh1.88 billion).
In the second quarter of 2024, Wynn Resorts’ investment was primarily directed towards acquiring approximately 155 acres of land for the resort’s development. This includes over 70 acres reserved for potential future projects in Ras Al Khaimah.
“We continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace,” Billings said following the release of the company’s second-quarter results. He also mentioned the completion of a transaction to acquire additional land on Al Marjan Island Three, creating a sizeable land bank for future development opportunities.
Al Marjan Island has attracted substantial foreign and local investments, particularly after the announcement of the Wynn Al Marjan development. The island, which will feature 12,000 residential units, has already sold out. It comprises four islands with 7.8 km of pristine beaches and 2.7 million square meters of reclaimed land. Six hotels are currently operational on the site, including Rixos Bab Al Bahr, DoubleTree by Hilton, Movenpick Resort, Hampton, Pullman Resort, and Radisson Resort, offering over 3,000 rooms in total.
The $3.9 billion Wynn Al Marjan project will be the first integrated gaming resort in the Middle East and North Africa. The gaming areas will be centrally located and easily accessible to visitors. Billings stated that the company’s remaining 40 percent pro-rata share of the required equity is approximately $900 million, which includes capitalised interest, fees, and certain improvements on the island. The resort is expected to open in 2027.
Wynn Resorts announced operating revenues of $1.73 billion for the second quarter of 2024, marking an increase of $137.1 million from $1.60 billion in the second quarter of 2023. Net income for the period was $111.9 million, up from $105.2 million in the previous year. The company’s 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.
The rapid progress on Wynn Al Marjan Island underscores Wynn Resorts’ commitment to expanding its footprint in the UAE, with the project poised to set new standards for luxury and entertainment in the region.
