Wynn Resorts confirms September 2027 opening for Al Marjan Island Resort

During its Q2 earnings call Wynn Resorts said it had pushed back the opening date of its Al Marjan Island in Ras Al Khaimah to September 2027. 

Initially the integrated resort was primed for a March 2027 launch, but delays caused by ongoing conflict in the Middle East saw work suspended for some time in February, after US and Israeli forces attacked Iran.

The conflict has seen operations at Dubai International Airport reduced, and has resulted in disrupted shipping channels in the Strait of Hormuz, causing bottlenecks affecting supply deliveries and driving up costs. 

This confirmation was made public, also highlighting increased capital contributions and a project budget revision driven by supply-chain difficulties.

In an analyst note following the operator’s earnings call Deutsche Bank said it viewed the confirmation of a concrete opening date for the IR as “a positive step”. Analysts said they remained bullish on the development over the long term.

“We believe the market will react well to having an official opening date for the UAE and will start to anticipate the opening at some point,” Deutsche Bank’s Steven Pizzella said.

The development work delayed in February was restarted in March after “steps [had] been taken to ensure the safety and security of all employees working on site”, Wynn said.

In its Q1 earnings call, CEO Craig Billings admitted a delay to the opening date was inevitable. 

‘A rapid pace’

In its Q2 release Wynn reported it had contributed $48.1 million during the quarter to the development of the Wynn Al Marjan Island resort, where it holds a 40% stake. 

To date the company has injected a total of approximately $1.06 billion in cash to support the project’s construction efforts.

Wynn CEO Craig Billings told analysts on Tuesday that construction was advancing “at a rapid pace” despite logistical challenges.

“We are now actively progressing through the interior fit out of the hotel rooms with mechanical, electrical and finishing work all moving along in sequence. In addition to construction, preopening hiring and operations planning are advancing very well,” Billings said.

“I travelled to the UAE in June and saw the progress first hand, the site, the team and the surrounding market. My flights were full and day-to-day activity in Dubai was healthy.

What we are building in the region is one of a kind and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever,” he added.

Competitive landscape

Wynn was the first company to receive a commercial gaming licence from the UAE’s General Commercial Gaming Regulatory Authority in October 2024. To date, it is still the only operator with a land-based licence in the market.

Billings last year said he expects two competitors in the United Arab Emirates in the years ahead. 

“We were factoring in two incremental competitors and a market that is $3 billion to $5 billion of GGR,” Billings said. “With no announced competition that we’re aware of in the market thus far, there probably is some conservatism in those estimates.” 

In recent months, Play971 became the first licensed online gambling site in UAE, providing iGaming and sports betting services to players in Abu Dhabi.