Global casino operator Wynn Resorts Ltd and its partners in the United Arab Emirates (UAE) have an agreement to develop a second integrated resort (IR) with casino in Ras Al Khaimah. The second property would be built in a new plot near the under-construction Wynn Al Marjan Island complex (pictured in a rendering).
That is according to an agreement made public earlier this year. The details were first reported on Monday by the Arabian Gulf Business Insight (AGBI) media outlet.
The Wynn Al Marjan Island is the first confirmed casino resort for the UAE. The project is a venture between Wynn Resorts and two local partners – RAK Hospitality Holding LLC and Al Marjan Island LLC –, and might be completed in 2027, according to the promoters. The Wynn group holds – via a local unit – a 40-percent stake in the joint venture.
The agreement between the partners details several development sites on Al Marjan Island beyond the property currently being developed, including a “Second Integrated Resort Plot”.
The second IR site covers about 593,870 square feet (55,172 sq. metres) of existing land on the Al Marjan Island, with a further 892,307 sq. feet to be reclaimed.
The current title deed is controlled by Al Marjan Island LLC, with such plot totalling about 1.49 million sq. feet upon completion of the relevant reclamation works.
The agreement states that if a casino is built on this second plot, the Wynn brand – or an affiliate – “shall remain the sole casino operator”.
Aside from its 40-percent equity stake, Wynn Resorts – the parent of Macau casino concessionaire Wynn Macau Ltd – is also to receive a management fee, as per previous management commentary.
AGBI cited Wynn Resorts’ chief communications officer, Michael Weaver, as saying that no decisions would be made on plans for the second plot until after the opening of the first property in 2027.
In early August, Wynn Resorts’ chief executive, Craig Billings, said in the firm’s second-quarter earnings call that the group’s “priority right now is the UAE” project.
He stated: “Don’t forget we have a whole land bank there. And you shouldn’t be surprised over the course of the next year or so to hear us talk about using portions of that land bank.”
The agreement between the joint venture partners also outlines a process for a potential initial public offering (IPO). This could involve converting the joint venture company into a public joint stock company, inserting a new holding structure or merging the joint venture with another entity.
Mr Weaver told AGBI that no decision on an IPO had been made.
In his August remarks, CEO Mr Billings mentioned that the Wynn Al Marjan Island had already reached the 61st floor, and the company was “on track to top out the tower later this year”.
In an October 2024 update, Wynn Resorts said it would have an exclusive, renewable 15-year casino licence for Ras Al Khaimah, and that the property could generate a minimum of US$1.33 billion annually in gross gaming revenue (GGR).
