Apr 28, 2023 Newsdesk Latest News, Top of the deck, World
The US$3.9-billion Middle East casino complex to be managed by Wynn Resorts Ltd, and to be developed with local partners, is to be called Wynn Al Marjan Island, after the artificial island where it will sit, the casino firm said in a Thursday press release.
Craig Billings, chief executive of Wynn Resorts, reiterated in the announcement that the project will open in “early 2027”. It will have an aggregate of 1,500 rooms, suites and villas, according to the latest statement. Construction work began in March.
Wynn Resorts also issued some rendered images of how the outside of the property (example pictured) is to look, as well as one image of the interior design. The project is in Ras Al Khaimah, in the United Arab Emirates (UAE).
Mr Billings said the firm had “spent the past year meticulously programming” and creating the concept for Wynn Al Marjan Island, “carefully considering its unique location”.
He added as cited in the release: “I am incredibly proud of our design and development team’s ability to impart our legacy of rich, thoughtful design into a sun-soaked beachside resort that will delight customers, new and old. We look forward to opening Wynn Al Marjan Island in early 2027.”
Wynn Resorts’ local partners are Marjan LLC, and RAK Hospitality Holding LLC.
A Thursday memo from John DeCree, an analyst at CBRE Securities LLC, noted that Wynn Resorts will have “40 percent ownership in the joint venture but will also receive management and licence fees similar to typical luxury hotel agreements, giving the company essentially [just over] 40 percent of the economics.”
Mr DeCree noted the 1,500-room resort would total 5.6 million square feet (510,967 sq. metres); including 120,000 sq. ft of retail space; 100,000 sq. ft of meetings, incentives, conferences, and exhibitions space; and a casino covering 224,000 sq.ft.
The analyst added: “Although specifics are limited, the casino is expected to comprise about 4 percent of gross floor area, which is more than double that of Wynn Las Vegas and compares to less than 3 percent at Marina Bay Sands.”
The latter was a reference to the Singapore casino resort of market rival Las Vegas Sands Corp.
The CBRE Securities analyst further noted: “Management indicated the resort will be more akin to Las Vegas in terms of non-gaming revenue contribution, but the casino floor should still be big enough to generate meaningful revenue. Although the regulatory regime is not yet publicly available, management expects a favourable gross gaming revenue tax in the 10 percent to 12 percent range.”
Wynn Resorts also runs a casino resort in Nevada and one in Massachusetts, in the United States; and is the parent of Macau operator Wynn Macau Ltd. But the parent said the UAE venture was its “first-ever beachfront resort”.
As well as a casino, other features will include 24 dining and lounge facilities, a spa, a shopping arcade, an events centre, a theatre that will host a “unique production”, and nightly laser and light shows.
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