Wynn Al Marjan Island Gathers Steam as New Signs of Confidence Emerge

Now, JPMorgan analyst Joseph Greff has suggested that while a casino has not been confirmed just yet, and the project in Ras Al Khaimah is largely a hospitality development, this will change in the coming weeks or months.

Wynn Set to Host Investor Day Possibly Tied to Middle East Operations

There are several reasons to believe that this could very well be the case. For starters, Wynn Resorts is hosting a three-day investor conference in Las Vegas, Nevada in October.

What this means, suggests Greff, is that the licensure of a casino floor in the United Arab Emirates must be a sure thing, and the gathering would serve to better map what the company can expect in future and how to best take advantage of the current situation.

“We don’t look at this as a derisking event, but rather one in which equity investors can start to ascribe the currently discounted equity value related to the project,” Greff wrote in an investor note.

Earlier this year, the General Commercial Gaming Regulatory Authority published a detailed look into the set of rules that any casino operator would have to meet to host a casino property out of the United Arab Emirates. So far, only the Wynn Al Marjan Island project is likely to be allowed in, however.

The status conferred onto Wynn Resorts is special indeed, as should all go according to plan, the Wynn property will be the first regulated casino to open doors in any Arab country as early as 2027. For its part, the United Arab Emirates is looking to burnish its reputation as a secular place that maintains tradition while embracing modernity.

No Regulatory Approval for the Casino Floor Just Yet

Much depends on the successful realization of the project, with Wynn Al Marjan Island expected to turn into a major draw for high-value visitors and wealthy patrons who fly in to play and enjoy the local cuisine and culture of luxuriousness.

For the time being, however, the casino floor, although high on Wynn’s plans for success in the Middle East, is awaiting regulatory approval. Wynn has been shifting resources in anticipation of bigger developments, including the appointment of Max Tappeiner as president of Wynn Al Marjan.