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Wynn Resorts Expands In Ras Al Khaimah With A Grand Investment And 70-Acre Land Acquisition
Las Vegas has got nothing on the UAE! The Wynn Al Marjan has expanded its footprint in the Gulf region by acquiring an additional 70 acres on Ras Al Khaimah’s Al Marjan Island.
This move, announced during the company’s second-quarter earnings call on Wednesday, supports the development of the region’s first casino on the island.
In the second quarter of 2024, Wynn Resorts invested $356 million into its $4 billion joint venture on Al Marjan Island, bringing its total investment to $514 million. Around $300 million is dedicated to current development, while over $200 million is set aside for land acquisition and infrastructure.
CEO Craig S. Billings emphasized that this new land acquisition increases Wynn’s holdings on Island Three, where the Al Marjan resort is being built. “Our joint venture now controls not only the resort land but also an additional 70-plus acres for future development,” Billings said.
This acquisition fits with Wynn’s successful land banking strategy, which has been effective in markets like the US and Macau. The company, known for its luxury Encore brand, had also registered trademarks for ‘Encore Marjan’ and ‘Encore Al Marjan’ in 2022.
Billings expressed enthusiasm about the UAE market, calling it “the most exciting new market for our industry in decades.” He noted that construction on Al Marjan Island is advancing quickly, with the building already being the tallest in the emirate at over 90 meters.
The real estate market in Ras Al Khaimah is becoming more competitive, with developers racing to secure prime beachfront properties ahead of Wynn’s planned 2027 opening. Sameh Muhtadi, CEO of RAK Properties, mentioned that land reclamation is growing more attractive due to high demand.
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Billings added that Wynn Resorts’ Ras Al Khaimah project has attracted significant interest from both local and international banks, indicating strong expectations for the investment’s returns. “We are making good progress on securing debt financing for the project and expect to finalize it later in 2024,” he concluded.
Recent changes in UAE gaming regulations, including introducing the country’s first lottery license, have also drawn interest from major players like MGM Resorts International, which has hinted at a potential casino in Dubai. CBRE estimates that legalized gambling could bring in $8.5 billion annually for the UAE.
UAE residents heading to Ras Al Khaimah for a trip!
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