Investment bank JP Morgan reports that Wynn Resorts Ltd.’s casino resort project, Wynn Al Marjan Island, in the United Arab Emirates (UAE), is nearing the hotel-tower construction phase.
The UAE project is progressing well, according to a note released on Wednesday by analysts Joe Greff, Samuel Nielsen, and Ryan Lambert. A significant portion of the hotel tower and podium base have already been built. They said that there will be a quick transition to vertical construction for the hotel tower.
Al Marjan Island is a reclaimed region in the Middle East, situated near Ras Al Khaimah, United Arab Emirates.
Wynn Resorts stated that a theater, an events center, and a 1,500-room hotel would be among the amenities at Wynn Al Marjan Island. The resort, which is anticipated to open in “early 2027,” will also include a casino, according to the company.
Wynn Resorts owns 40% of the equity in this US$3.9 billion project, which is being undertaken alongside regional partners. CEO Craig Billings stated during Wynn Resorts’ fourth-quarter earnings call on Wednesday that the Ras Al Khaimah development is “a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets.” Wynn Resorts owns the Macau casino operator Wynn Macau Ltd.
In September, Jim Murren, the former chairman and CEO of MGM Resorts, was appointed to lead the General Commercial Gaming Regulatory Authority (GCGRA) in the United Arab Emirates. The national lottery and commercial gaming are governed by the GCGRA.
In addition to its UAE attempt, Wynn Resorts is bidding for one of the three downstate New York licenses in the United States. The CEO of the firm mentioned plans for further development on the most recent earnings call, including the construction of a “huge land bank” in Las Vegas. The company already runs Encore Boston Harbor in Massachusetts and Wynn Las Vegas in Las Vegas, Nevada.
Original story by: GGRAsia
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