Wynn Resorts Advances Wynn Al Marjan Island Financing, UAE Boost

Wynn Resorts Ltd. reports significant progress on debt financing for its Wynn Al Marjan Island project in Ras Al Khaimah, UAE. CEO Julie Cameron-Doe shared during a Q2 earnings call that the company is making strides with diverse banks and expects to complete the financing by year-end. Wynn Resorts has invested $356.5 million in equity for the project this quarter, raising the total to $514.4 million.

CEO Craig Billings noted rapid construction progress on the Wynn-branded property, with work nearing the 15th floor. Wynn Resorts also acquired its 40% share of the land, including potential future development areas. Billings highlighted the UAE as a promising market and expressed confidence in the project’s potential.

CBRE Capital Advisors Inc. estimates the venture could generate $1.4 billion in annual gross gaming revenue. Billings welcomed the launch of the UAE’s General Commercial Gaming Regulatory Authority (GCGRA) and its first lottery license, seeing it as a positive step for investor clarity.

In Macau, operating expenses decreased by about 19% from Q2 2019 levels. The company is focusing on capital expenditures related to government commitments, estimating costs between $350 million and $500 million through 2025. Wynn Resorts maintains strong liquidity, with over $3.9 billion available as of June 30.

Read related article: Wynn Resorts’ Strong Finances Power Self-Funded UAE Expansion

Source: GGRAsia