The $3.9 billion Wynn Al Marjan resort in Ras Al Khaimah, United Earab Emirates, is advancing as planned, with developers confirming the property remains on track for its March 2027 opening.
Marjan CEO Abdulla Al Abdouli told the Khaleej Times that construction on the 70-story tower is now at the 61st floor.
Key Takeaways
- The Wynn Al Marjan Integrated Resort is on schedule for completion in March 2027, marking the UAE's first integrated gaming property.
- The $3.9-billion project is expected to boost tourism in Ras Al Khaimah with more than 1,500 hotel rooms and 22 dining venues.
- Hiring and economic development linked to the project are already underway, with major impacts projected across hospitality and real estate.
The development will add 1,542 hotel rooms, more than 22 food and beverage outlets, and a wide range of entertainment and leisure offerings. Abdouli highlighted the economic impact, including new residential and business opportunities as a result of the resort.
The property is on a secluded 148-acre island projecting into the Arabian Gulf, reflecting the scale of the investment.
Hiring has already begun, with 78 openings listed in late September and plans to expand the workforce to 300 by year's end. Wynn Resorts CEO Craig Billings has estimated the UAE gaming market could generate $5 billion, and the company is positioning Wynn Al Marjan as a premium entry point into that sector.
The project, a partnership between Wynn Resorts, Marjan, and RAK Hospitality Holding, will be the Middle East and North Africa's first integrated gaming resort.
Investor confidence in Wynn Resorts increases
Wynn's international prospects has renewed investment interest, as UBS elevated the company's stock rating from "neutral" to "buy," according to CNBC. Analyst Robin Farley increased the price target to $147 a share, a potential 19% rise driven by enthusiasm over the Al Marjan development. This comes after Barclays raised the share price target from $101 to $127 in July.
Farley said Wynn's position as the only licensed gaming operator in the UAE provides a significant early advantage in attracting international high-net-worth customers. UBS also raised its estimates for Macau operations and suggested Wynn's long-term guidance for the Al Marjan project may be overly conservative.
Billings has also pointed to future expansion opportunities, including London, as the company leverages customer overlaps between the UAE and Europe.
Fertitta shelves Las Vegas development
While Wynn advances in Ras Al Khaimah, a high-profile project on the Las Vegas Strip has been put on hold indefinitely. Billionaire Tilman Fertitta, who owns 12% of Wynn Resorts, confirmed he will not proceed with plans for a 43-story casino on a prime 6.2-acre site he acquired for $270 million in 2022.
The land remains a surface parking lot despite earlier demolition of existing buildings to clear space for a planned 2,400-room hotel with entertainment and retail features. Fertitta Entertainment said moving forward would create a conflict of interest given his stake in Wynn.
The timing may also be challenging, with Las Vegas facing a slowdown in visitor traffic, with July alone seeing a 7.3% decrease, and concerns that rising costs are discouraging budget travelers. Fertitta, best known for owning the Houston Rockets and the Landry's hospitality group, will instead retain the property without immediate development plans.
