Wynn Resorts Advances $5.1B UAE Casino Project

Wynn Resorts Ltd has revealed significant progress on its $5.1 billion Wynn Al Marjan Island casino resort in Ras Al Khaimah, UAE, confirming that $3.4 billion has already been spent or fully committed roughly two-thirds of the total budget. The update came during an analyst and investor presentation highlighting the firm’s long-term strategy in the UAE’s emerging gaming and hospitality market.

The 60-hectare development is strategically located on an artificial island, just 50 minutes from Dubai International Airport. Wynn Resorts holds a 40% stake in the project, partnering with Marjan LLC and RAK Hospitality Holding LLC. The resort is on track to open in Q1 2027.

Construction is advancing rapidly, with the 305-meter tower reaching the 70th floor and roof deck work underway, marking a key milestone toward operational readiness. Wynn Resorts secured an exclusive 15-year renewable casino license for Ras Al Khaimah, granting the firm sole rights to land-based gaming in the emirate. The 225,000-square-foot gaming area represents just 4% of the overall gross floor area.

Financial projections indicate annual gross gaming revenue between $1.0 billion and $1.66 billion, with a base case of $1.33 billion. Adjusted property EBITDA is forecast at $465 million, complemented by $160 million in annual management and license fees, plus $100 million in free cash flow.

The project is expected to stimulate regional tourism, with Ras Al Khaimah projected to attract 5.1 million visitors and 9.6 million overnight stays by 2030. Hotel capacity is forecast to more than double to over 16,200 rooms. Wynn Resorts and partners have also secured land for future expansions, including a second casino development, positioning Al Marjan Island as a cornerstone of the UAE’s growing gaming ecosystem.