Wynn Resorts announced during its Q2 earnings call that the opening of its Al Marjan Island resort in Ras Al Khaimah has been rescheduled to September 2027. This marks a shift from the initial opening planned for March 2027 due to delays linked to the ongoing conflict in the Middle East, where operations were temporarily halted in February following U.S. and Israeli attacks on Iran.
The conflict has reduced activities at Dubai International Airport and disrupted shipping in the Strait of Hormuz, causing delays in supply deliveries and an increase in costs. Wynn's announcement included details about increased capital contributions and a revision of the project budget attributed to these supply-chain issues.
Following the earnings call, Deutsche Bank praised the announcement of a specific opening date for the integrated resort, considering it "a positive step." Analyst Steven Pizzella expressed optimism, noting, "We believe the market will react well to having an official opening date for the UAE and will start to anticipate the opening at some point."
Wynn confirmed that work, which had stalled in February, resumed in March after implementing safety measures for employees on site. During its Q1 earnings call, CEO Craig Billings had predicted that a delay to the opening date would be unavoidable.
In its Q2 financial report, Wynn disclosed a contribution of $48.1 million toward the development of the Al Marjan Island resort, in which it holds a 40% stake. The total investment by the company in the project's construction now stands at approximately $1.06 billion.
Billings described construction as advancing "at a rapid pace" despite ongoing logistical challenges. He stated, "We are now actively progressing through the interior fit out of the hotel rooms with mechanical, electrical, and finishing work all moving along in sequence. In addition to construction, preopening hiring and operations planning are advancing very well."
After visiting the UAE in June, Billings remarked on the robust local activity, emphasizing, "What we are building in the region is one of a kind and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever."
In the competitive landscape, Wynn was the first company to obtain a commercial gaming license from the UAE's General Commercial Gaming Regulatory Authority in October 2024 and remains the only operator with a land-based license in the region. Billings previously indicated expectations of two more competitors entering the UAE market in the future, estimating a gross gaming revenue potential of $3 billion to $5 billion. However, he noted that, so far, no competitors have been officially announced.
In recent developments, Play971 has emerged as the first licensed online gambling site in the UAE, offering iGaming and sports betting services to players in Abu Dhabi.
