The ambitious Wynn Al Marjan Island project, a $3.9 billion venture in Ras Al Khaimah is advancing rapidly. Meanwhile, Wynn Gaming Resorts has announced a $356.5 million (Dh1.31 billion) investment into the development. Consequently, the project remains on track for its anticipated 2027 opening.
To date, Wynn Resorts has invested a total of $514.4 million (Dh1.88 billion) in the project, including significant funding in the second quarter of 2024. This investment primarily went toward acquiring approximately 155 acres of land at the resort’s development site, with 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. 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,” stated Craig Billings, CEO of Wynn Resorts.
Al Marjan Island has attracted substantial foreign and local investment, particularly following the announcement of Wynn Al Marjan. The island, which will eventually offer 12,000 residential units, has already been sold out.
The development encompasses four islands featuring 7.8 km of pristine beaches and 2.7 million square meters of reclaimed land. Furthermore, the site currently boasts six operational hotels: Rixos Bab Al Bahr, DoubleTree by Hilton, Movenpick Resort, Hampton, Pullman Resort, and Radisson Resort. Together, these hotels provide over 3,000 rooms.
Wynn Al Marjan Island will be the first integrated gaming resort in the Middle East and North Africa. The gaming facilities will be centrally located for easy access. Additionally, “We estimate our remaining 40 per cent pro-rata share of the required equity is approximately $900 million, inclusive of capitalized interest, fees, and certain improvements on the island. The company expects Wynn Al Marjan Island to open in 2027, according to its quarterly statement.
In its second-quarter results, Wynn Resorts reported operating revenues of $1.73 billion, up from $1.60 billion in the same period last year. Net income increased to $111.9 million from $105.2 million. The board declared a cash dividend of $0.25 per share, payable on August 30, 2024, to shareholders on record as of August 19, 2024.
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