Wynn Resorts has announced a revised opening date for its Al Marjan Island resort in Ras Al Khaimah, now set for September 2027 following delays. Originally slated for a March 2027 launch, the project faced setbacks due to the ongoing conflict in the Middle East, prompting a work suspension in February after military actions involving US and Israeli forces against Iran.
These events have affected operations at Dubai International Airport and disrupted shipping channels in the Strait of Hormuz, leading to supply chain bottlenecks and increased costs. The company confirmed this delay during its Q2 earnings call while addressing rising capital contributions and adjustments to the project's budget attributed to these supply challenges.
Deutsche Bank analysts reacted positively to the announcement of a fixed opening date for the integrated resort. Steven Pizzella noted that this clarity would likely result in favorable market responses as anticipation builds for the UAE's new offering.
Work, which had stalled in February, resumed in March after Wynn implemented measures to ensure the safety of on-site employees. In an earlier earnings call, CEO Craig Billings acknowledged that a delay was inevitable.
During Q2, Wynn reported an investment of $48.1 million into the Al Marjan Island project, of which it holds a 40% stake. The total investment in the project has now reached approximately $1.06 billion. Billings assured analysts that construction was progressing rapidly despite logistic obstacles, stating, “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.”
He expressed enthusiasm about the project's potential, citing a recent visit to the UAE where he witnessed significant progress. “What we are building in the region is one of a kind and the quality of work on site is truly extraordinary,” he remarked, asserting that the resort opening would be the most exciting of its kind in over a decade.
Wynn Resorts was the first to secure 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 to date. Looking ahead, Billings anticipates the emergence of two competitors in the UAE market, with expectations of $3 billion to $5 billion in gross gaming revenue.
As of now, Play971 has launched as the first licensed online gambling site in the UAE, offering iGaming and sports betting services to players in Abu Dhabi.
