Wynn Resorts has announced a revised opening date for its Al Marjan Island integrated resort in Ras Al Khaimah, now set for September 2027. Originally slated for March 2027, the project faced delays due to the ongoing conflict in the Middle East, which led to work suspensions beginning in February, following US and Israeli military actions in Iran.
The conflict has impacted operations at Dubai International Airport and disrupted shipping routes in the Strait of Hormuz, which has in turn affected supply deliveries and inflated costs associated with the project. Wynn highlighted that this update comes along with increased capital contributions and a modification of the project budget in response to these supply-chain challenges.
In a note following Wynn's earnings call, Deutsche Bank characterized the announcement of a definitive opening date for the integrated resort as "a positive step." Analysts expressed a long-term optimistic outlook regarding the development.
Steven Pizzella of Deutsche Bank pointed out, "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 reported that construction was restarted in March after taking measures to ensure the safety and security of all on-site employees. During its Q1 earnings call, CEO Craig Billings mentioned that the delay in the project’s opening was unavoidable.
In its Q2 report, Wynn announced a contribution of $48.1 million to the resort's development during the quarter, reflecting its 40% stake in the project. Overall, the company has invested approximately $1.06 billion to support construction efforts.
Billings indicated that construction is moving forward "at a rapid pace" despite the 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. Additionally, preopening hiring and operations planning are advancing very well," he stated.
Billings visited the UAE in June and noted the progress made on-site as well as in the local market, stating, "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."
Historically, Wynn was the first to receive 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 market. Billings has projected that the UAE will likely see two additional competitors enter the market in the coming years.
He mentioned, "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 emerged as the first licensed online gambling platform in the UAE, offering iGaming and sports betting services to players in Abu Dhabi.
