Wynn Resorts announced during its second quarter earnings call that it has rescheduled the opening of the Al Marjan Island Resort in Ras Al Khaimah to September 2027. The resort was initially slated for a March 2027 launch, but ongoing unrest in the Middle East led to work halting in February after military actions by U.S. and Israeli forces against Iran.
The conflict has impacted operations at Dubai International Airport and disrupted shipping routes in the Strait of Hormuz, creating bottlenecks that have affected supply deliveries and increased costs.
The company confirmed this new timeline and noted increased capital investments and adjustments to the project budget due to supply chain challenges.
Following the earnings call, analysts at Deutsche Bank expressed a positive outlook regarding the confirmed opening date. They indicated that this announcement is a positive development and sentiment towards the project remains strong. Analyst Steven Pizzella remarked, "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."
Construction work that faced delays in February resumed in March after ensuring the safety and security of all employees on site, according to Wynn Resorts.
In a previous earnings call, CEO Craig Billings acknowledged that delays to the opening date were unavoidable.
In its Q2 report, Wynn announced a contribution of $48.1 million towards the development of the Wynn Al Marjan Island resort, where it owns a 40% stake. The total investment in the project has reached approximately $1.06 billion to date.
Billings reported that construction is progressing swiftly despite logistical issues. "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," he stated.
During his visit to the UAE in June, Billings observed the site’s progress, noting, "The site, the team, and the surrounding market are healthy. 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."
Wynn became the first company to obtain a commercial gaming license from the UAE's General Commercial Gaming Regulatory Authority in October 2024, and it remains the only land-based operator in the market. Billings has projected the emergence of two competitors in the UAE shortly. He stated, "We were factoring in two incremental competitors and a market that is $3 billion to $5 billion of GGR. With no announced competition that we’re aware of in the market thus far, there probably is some conservatism in those estimates."
Recently, Play971 gained recognition as the first licensed online gambling site in the UAE, offering iGaming and sports betting services to customers in Abu Dhabi.
