Wynn Resorts announced during its Q2 earnings call that the opening of its integrated resort on Al Marjan Island in Ras Al Khaimah has been rescheduled to September 2027. Originally set for March 2027, the launch was pushed back due to ongoing conflicts in the Middle East, which led to work suspensions starting in February following US and Israeli military actions against Iran.
The escalating situation has impacted operations at Dubai International Airport, disrupted shipping channels in the vital Strait of Hormuz, and increased costs due to resulting bottlenecks in supply deliveries. Wynn addressed these issues in its announcement, indicating that an increase in capital investments and a revised project budget were necessary due to the challenges posed by the supply chain.
Deutsche Bank analysts viewed the confirmation of a specific opening date for the integrated resort as a positive development. They remain optimistic about the long-term prospects of the project. "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," said Deutsche Bank's Steven Pizzella.
Although work was halted in February, it resumed in March after Wynn ensured safety measures for all personnel on site. In a previous earnings call, CEO Craig Billings had acknowledged that a delay was unavoidable.
Wynn's Q2 report indicated the company invested $48.1 million into the resort's development during the quarter, bringing its total financial commitment to approximately $1.06 billion. Despite facing logistical challenges, Billings described construction progress as moving “at a rapid pace.”
He shared that the interior work on the hotel rooms is proceeding smoothly, with mechanical and electrical installations on schedule. Preopening hiring and operations planning are also progressing effectively. Billings visited the UAE in June and noted, "I saw the progress first hand, the site, the team and the surrounding market. My flights were full and day-to-day activity in Dubai was 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."
In terms of the market dynamics, Wynn was the first company 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 in the region. Billings anticipates that two competitors will emerge in the UAE market in the future, stating, "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 launched as the first licensed online gambling site in the UAE, offering iGaming and sports betting services to players in Abu Dhabi.
