Wynn Resorts announced in its Q2 earnings call that the opening of Al Marjan Island Resort in Ras Al Khaimah has been rescheduled to September 2027. Originally slated for a March 2027 debut, the timeline was altered due to ongoing conflicts in the Middle East, which halted construction in February following attacks by US and Israeli forces on Iran.
The conflict has impacted operations at Dubai International Airport and disrupted shipping routes in the Strait of Hormuz, leading to supply chain bottlenecks and increased costs. These challenges contributed to a revision of the project budget and raised capital contributions, as confirmed by Wynn.
Following the announcement, Deutsche Bank issued an analyst note describing the establishment of a firm opening date as "a positive step." Analysts expressed optimism about the long-term prospects of the resort.
"We believe the market will react positively to having an official opening date for the UAE and will start to anticipate the opening at some point," said Deutsche Bank’s Steven Pizzella.
Construction that was paused in February resumed in March after Wynn implemented measures to ensure the safety of all onsite workers. CEO Craig Billings had acknowledged during the Q1 earnings call that a delay in the project's timeline was unavoidable.
During the second quarter, Wynn contributed $48.1 million towards the development of the Wynn Al Marjan Island Resort, for which it holds a 40% stake. To date, the company has invested around $1.06 billion into the construction of the resort.
Billings informed analysts that, despite logistical challenges, construction is moving forward "at a rapid pace." He also indicated that the hotel room interiors are currently being fitted out with mechanical, electrical, and finishing work progressing as planned. Alongside construction, preopening hiring and operational planning are proceeding effectively.
"I visited the UAE in June and witnessed the progress firsthand—the site, team, and market conditions were encouraging. My flights were full, and day-to-day activities in Dubai looked robust," Billings noted.
The integrated resort is described as unprecedented in the region, with Billings confident about its potential impact. "We believe this will be the most exciting integrated resort opening globally in over a decade, and our commitment to and confidence in the UAE remains strong," he added.
In the competitive landscape, Wynn made history in October 2024 by becoming the first to secure a commercial gaming license from the UAE's General Commercial Gaming Regulatory Authority, holding the only operating land-based license in the market to date. Billings has projected competition to increase, anticipating two more entrants in the UAE market over the coming years, with expectations of a gross gaming revenue between $3 billion and $5 billion.
Currently, Play971 is notable as the first licensed online gambling site in the UAE, offering iGaming and sports betting services to residents of Abu Dhabi.
