Wynn Resorts secures record funding for its landmark Al Marjan Island integrated resort in Ras Al Khaimah, UAE, set to open in 2027.
Wynn Resorts has announced a significant financial milestone in the development of its Wynn Al Marjan Island project in Ras Al Khaimah, United Arab Emirates.
The company has secured a P139 billion ($2.4 billion) construction facility, the largest hospitality financing transaction in UAE history, from a global syndicate of lenders. This funding paves the way for the completion of the first integrated resort in the emirate, a venture poised to redefine luxury hospitality in the region. As the press release states, "This landmark transaction represents the largest hospitality financing transaction in the history of the United Arab Emirates."
Located just 50 minutes from Dubai International Airport, Wynn Al Marjan Island represents a strategic expansion for Wynn Resorts. The secured seven-year term loan, denominated in both AED and USD, provides the financial flexibility needed for this ambitious undertaking.
The loan facility, structured as a delayed draw, allows for phased access to funds, aligning with the project's construction timeline. Key financial institutions, including Abu Dhabi Commercial Bank and Deutsche Bank, acted as Joint Coordinators for the financing, demonstrating the strong market confidence in the project. The press release highlights the diverse lending syndicate, noting it includes "a mix of globally recognized regional and international lenders."
Construction is progressing rapidly, with the main resort tower already reaching the 36th floor and a projected topping off in December. "The construction team is completing one floor per week," according to the release, and "In the last 100 days, the resort tower has grown approximately 140 feet."
Impressive progress has been made on the guest accommodations, with 80% of the 1,542 rooms and suites already completed. The exterior façade and interior fit-out are also well underway, signaling the tangible realization of the resort's design.
The low-rise structures, encompassing various amenities, are also advancing steadily. The release further notes that "fit out is underway in approximately 1,121 rooms – including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services."
Wynn Al Marjan Island, developed in partnership with Marjan and RAK Hospitality Holding, is set to offer an unparalleled luxury experience. The resort will feature 22 diverse dining options, ranging from casual lounges to fine dining restaurants, alongside a nightclub and beach club. A curated luxury shopping promenade, a signature Wynn spa, and a sprawling 39,000 square foot poolscape will cater to guests' leisure and wellness needs. For corporate events and gatherings, the resort will boast a 145,000 square foot meetings and events center. A dedicated theater with a bespoke resident show will further enhance the entertainment offering. As the press release details, "Wynn Al Marjan Island will have twenty-two restaurants, lounges and bars, as well as a nightclub and beach club. Guests will enjoy a luxury shopping promenade and a signature Wynn spa and salon."
This venture underscores Wynn Resorts' commitment to expanding its global footprint and creating world-class destinations. The company, known for its opulent properties in Las Vegas, Macau, and Boston, is leveraging its expertise to develop a new paradigm of luxury in the UAE. The Wynn Al Marjan Island project is not just a resort; it is a statement, a testament to the evolving landscape of luxury travel and entertainment in the Middle East. The anticipated opening in 2027 will undoubtedly mark a new chapter in the region's hospitality sector.
Read related article: Wynn UAE Casino Could Earn $1B, Budget Increased to $5.1B
Comments