Casino operator Wynn Resorts Ltd “expects its project in the United Arab Emirates [UAE] to break ground in the next week or so, with a targeted opening in 2027,” says a Tuesday note from JP Morgan Securities LLC.
The institution was citing commentary from Julie Cameron Doe, chief financial officer (CFO) of the United States-based firm. Wynn Resorts is parent of Macau operator Wynn Macau Ltd.
The CFO had given a presentation at a JP Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum in the United States.
Wynn Resorts’ participation in the Middle East project with local partners – on land (pictured in a file photo) in Ras Al Khaimah, part of the UAE – had been announced in January 2022. Ras Al Khaimah has a law to regulate casino gambling. The facility has been described in total, as a US$2-billion venture, with Wynn Resorts being an equity partner and operator.
The scheme would be advanced in combination with developer Marjan Properties; and hotel and leisure business operator RAK Hospitality Holding LLC, both Ras Al Khaimah-based firms.
In February 2022, on the casino group’s fourth-quarter 2021 earnings call, its chief executive, Craig Billings, said Wynn Resorts would have a management contract “sitting on top” of the business model.
“Wynn [Resorts] is an equity investor… with a…. management contract,” reiterated JP Morgan analysts in Tuesday’s note.
This February, on Wynn Resorts’ call for fourth-quarter 2022, Mr Billings had told investment analysts that the firm was “in the late stages of programming” for the Ras Al Khaimah complex. “I expect we will be driving piles for the foundation of the property by the middle of the year,” he added.
