Wynn Resorts announced during its Q2 earnings call that the anticipated opening for its Al Marjan Island Resort in Ras Al Khaimah has been rescheduled to September 2027. Originally set for March 2027, the launch faced delays due to disruptions stemming from ongoing conflict in the Middle East, particularly following attacks on Iran by U.S. and Israeli forces in February.
The affected operations include reduced activity at Dubai International Airport and obstructed shipping routes in the Strait of Hormuz, resulting in bottlenecks that have elevated supply costs. This update from Wynn Resorts also underscored revised capital contributions linked to these supply chain challenges.
Following the earnings call, Deutsche Bank analysts praised the formal announcement of the opening date, calling it "a positive step." They expressed optimism regarding the long-term potential of the project. According to Steven Pizzella of Deutsche Bank, having a confirmed date allows the market to prepare for the UAE's upcoming hospitality offering.
Construction work, which was postponed in February, resumed in March once Wynn confirmed it had implemented measures to ensure workers' safety. CEO Craig Billings acknowledged during a prior call that a delay had become unavoidable.
In its recent earnings release, Wynn noted a contribution of $48.1 million for the resort’s development in the last quarter, reflecting a commitment where the company owns a 40% stake. With overall investments reaching approximately $1.06 billion, Billings shared that construction is proceeding “at a rapid pace” despite logistical hurdles.
"We are currently advancing through the interior fit out of the hotel rooms, with mechanical, electrical, and finishing work in sequence. Additionally, our plans for preopening hiring and operations are progressing well," Billings remarked. In June, he visited the UAE and reported positive developments in the ongoing construction and local market activity.
"What we're constructing in the region is unparalleled, and the quality of the work is remarkable. We believe this will be the most significant integrated resort opening globally in over a decade," he added.
Wynn was the first operator to obtain a commercial gaming license from the UAE's General Commercial Gaming Regulatory Authority in October 2024, making it currently the only operator with a land-based license in the region. Billings anticipates two additional competitors will enter the UAE market in the coming years.
Estimating a gross gaming revenue potential between $3 billion to $5 billion, he noted that there has been no announced competition as of yet, suggesting that his projections might include a conservative edge. Recently, Play971 launched as the first licensed online gambling platform in the UAE, offering iGaming and sports betting to players in Abu Dhabi.
