Analysts Remain Bullish on Wynn as UAE Project Takes Shape

Wynn Resorts’ highly anticipated entry into the United Arab Emirates remains a significant confidence driver among analysts. This new jurisdiction promises long-term growth even as more mature markets show signs of leveling off. After a recent investor tour focusing on the Al Marjan Island development, Wynn’s stock has enjoyed broad optimism.

Economic Trends Favor UAE Expansion

The Al Marjan project, located in Ras Al Khaimah, will be the UAE’s first licensed commercial gaming resort. Estimated construction costs vary from $3.9 billion to $5.1 billion, making it one of the most significant strategic risks in Wynn’s history. The company plans for an early 2027 opening, envisioning a full-scale integrated destination rather than a gaming-first property.

Jefferies analyst David Katz was bullish regarding Wynn’s prospects in the region, predicting increasing support for a high-end operator. He noted that the combination of zero personal income tax, long-term residency reforms, infrastructure spending, and a steady inflow of global wealth created perfect conditions for a high-profile casino resort. These positive trends are expected to extend into the next decade.

The continued inflow is driven by zero income tax, global safety leadership, long-term visa reforms, rapid infrastructure advancement, and wealth management.

David Katz, Jefferies analyst

According to Jefferies, Wynn could enjoy annual property-level gross gaming revenue of $1 billion to $1.7 billion after the resort reaches its full potential. This estimate takes into account the two other integrated resorts that may eventually enter the UAE. Historically, Wynn has retained productivity even in highly competitive regions. 

The Venue Will Offer a Comprehensive Leisure Experience

Investor appetite aligns with expert analysis. Wynn’s shares have appreciated by over 45% so far this year. While Jefferies recently raised its price target for the stock to $155, this confidence primarily reflects short-term trends in Macau and Las Vegas, where volumes are hovering near cyclical peaks. However, the UAE expansion remains a significant driver of investor interest.

The macroeconomic setup is accommodating, at a minimum, and looks increasingly favorable over time.

David Katz, Jefferies analyst

The Al Marjan resort will be a balanced leisure destination rather than a casino-heavy development. The current concept envisions more than 1,500 rooms, over 20 food and beverage venues, a theatre, a nightclub, and a luxury spa. Gaming-wise, Wynn expects to have 275+ table games and 2,000+ slot machines. The venue will target regional and international travelers transiting through nearby air hubs.

The sheer size of Al Marjan’s addressable market is another selling point. Approximately 2.4 billion people reside within a four-hour flight radius of the UAE. Even just a fraction of one percent of that population would be enough to underpin Wynn’s revenue targets. While some risk remains, especially in a jurisdiction with no modern history of commercial gaming, the UAE remains a unique growth frontier.