Wynn Resorts has announced during its second-quarter earnings call that the opening of the Al Marjan Island resort in Ras Al Khaimah has been delayed and is now scheduled for September 2027. The integrated resort was initially set to open in March 2027; however, construction was halted earlier this year due to the escalation of conflict in the Middle East, which included attacks by US and Israeli forces on Iran in February.
This conflict has not only hampered operations at Dubai International Airport but also disrupted shipping in the Strait of Hormuz, leading to supply delivery bottlenecks and increased costs. In light of these disruptions, Wynn also highlighted adjustments to its budget and increased capital contributions for the Al Marjan Island project.
Following the earnings call, analysts from Deutsche Bank expressed optimism regarding the confirmed opening date. They noted that receiving a solid timeline for the integrated resort is a positive development. Steven Pizzella, an analyst with the bank, 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."
Work on the resort, which was delayed in February, resumed in March after Wynn took measures to ensure the safety and security of employees on site. In a previous earnings call, CEO Craig Billings acknowledged that a delay in the opening was unavoidable.
In the second quarter, Wynn invested $48.1 million into the project's development, which reflects its 40% stake in the resort. To date, the company has contributed approximately $1.06 billion to support construction. Billings described the progress as "at a rapid pace" despite the ongoing logistical challenges.
He stated, "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."
Billings visited the UAE in June and remarked on the steady progress at the site. He highlighted a healthy level of activity in Dubai and described Wynn's project as unique, 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."
Wynn was 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 operator with a land-based license in the country. Billings has previously indicated that he expects competition in the UAE's market to intensify in the coming years, estimating a potential market of $3 billion to $5 billion Gross Gaming Revenue (GGR).
He mentioned that they are preparing for two additional competitors, but with no announced competition thus far, he believes there might be some caution in those market estimates. Recently, Play971 became the first licensed online gambling site in the UAE, offering iGaming and sports betting services to players in Abu Dhabi.
