Wynn Al Marjan Island Project Soars with $356.5 MillionInvestment 

Wednesday, 21 August 2024

Ras Al Khaimah, UAE — Wynn Resorts is making waves with its ambitious Wynn Al Marjan Island project, set to redefine luxury in the UAE. The company has just announced a remarkable $356.5 million (Dh1.31 billion) investment, propelling the project forward with impressive speed.

Major Milestones and Investments

• Investment Surge: With a commanding 40% stake, Wynn Resorts has already injected $514.4 million (Dh1.88 billion) into the project. This latest investment primarily funds the acquisition of over 155 acres of prime land at the resort site, including 70 acres reserved for future developments.
• Craig Billings, CEO of Wynn Resorts, stated:

“We are dedicated to expanding our presence, and Wynn Al Marjan Island is advancing rapidly. We’ve completed the acquisition of our share of Al Marjan Island Three and secured additional land for future growth, potentially in collaboration with other strategic partners.”

Project Highlights

• Island Expansion: Al Marjan Island is becoming a hub of both local and international investment. The island will feature:
  • 12,000 Sold-Out Residential Apartments
  • Four Reclaimed Islands: Spanning 2.7 million square meters of land
  • 7.8 Kilometers of Stunning Beaches
• Current Hotels: The island already boasts over 3,000 rooms across six premium hotels:
  • Pullman Resort
  • Radisson Resort
  • Movenpick Resort
  • Hampton
  • Rixos Bab Al Bahr
• Wynn Al Marjan: Projected to be the first integrated casino resort in the Middle East and North Africa, with an estimated investment of $3.9 billion. The resort will feature state-of-the-art gaming areas and world-class amenities for an unparalleled guest experience.

Financial Insights

• Valuation: Wynn Resorts estimates its 40% equity stake will amount to approximately $900 million, factoring in capitalized interest, fees, and island enhancements.
• Q2 2024 Financial Performance:
  • Operating Sales: $1.73 billion, an increase from $1.60 billion in Q2 2023.
  • Net Income: Rose to $111.9 million from $105.2 million.
  • Dividend Announcement: A cash dividend of $0.25 per share, payable on August 30, 2024, to shareholders of record as of August 19, 2024.

About Wynn Resorts

Wynn Resorts continues to set the gold standard in luxury hospitality with its trailblazing projects and strategic investments, pushing boundaries and elevating guest experiences globally.