Wynn Resorts CEO Craig Billings is optimistic about the UAE’s gaming market, projecting it could grow to 3−3−5 billion (Dh11-Dh18.35 billion) in the coming years. Speaking during the company’s Q4 2024 earnings call, Billings highlighted the UAE as the “most exciting” new market for the gaming industry in decades, dismissing concerns about potential competition from other integrated resorts.
Billings emphasized that designing and building an integrated resort takes at least four years, giving Wynn a significant head start. “We’re opening in March 2027, and with a minimum four-year timeline for competitors, we’ll have a very healthy lead,” he stated. He also noted that Wynn Al Marjan’s projections already account for a potential second property in the UAE, adding that the clustering effect could benefit the industry.
The CEO highlighted the UAE’s strong propensity for luxury spending, particularly on high-end hotels and food and beverages, as a key driver of the market’s potential. “The UAE’s luxury market is unparalleled, and we believe it will become a 3−3−5 billion gaming market over time,” he said.
Wynn Al Marjan: A Game-Changer for the UAE
Wynn Al Marjan, a $3.9-billion integrated gaming resort, is set to open in 2027 and will be the first of its kind in the region. Billings described it as “the most exciting development project in the industry,” with the potential to generate significant EBITDA and diversify Wynn’s business. Construction is progressing rapidly, with the 35th floor of the hotel tower recently completed and over 4.6 million square feet of concrete and steel in place.
To support the project, Wynn Resorts secured a 2.4 billion (Dh8.8billion) loan from a global syndicate of banks and has contributed 2.4 billion so far, including 99 million in Q4 2024.
The company expects to complete its equity contributions by late 2026, with an estimated 700-$775 million (Dh2.57-Dh2.84 billion) remaining.
Strategic Moves to Strengthen Regional Presence
In a strategic move to bolster its regional presence, Wynn Resorts acquired Aspinalls in Mayfair, London, in January 2024. Billings explained that this acquisition provides a foothold in central London, where many future Al Marjan customers spend significant time. “This small but strategic asset will help us build brand awareness and a customer database in the region,” he said.
Billings also announced plans to bring analysts and investors to the UAE to showcase the country’s thriving luxury market and the progress of Wynn Al Marjan. “The UAE, particularly Dubai, is a powerhouse for high-value food, beverage, and luxury hotels. We want stakeholders to see firsthand the incredible opportunities here,” he added.
A Bright Future for Wynn in the UAE
Wynn Resorts expects the Ras Al Khaimah project to significantly boost its cash flow and management fees. “The UAE is the most exciting new market for integrated resort development in decades, and Wynn Al Marjan Island represents a unique opportunity in our industry,” the company stated.
With construction on track and a strong financial foundation, Wynn Al Marjan is poised to become a “must-see” tourism destination in the UAE, driving long-term growth and solidifying Wynn’s position as a leader in the global gaming industry.
