Wynn Eyes Second Resort, Possible IPO in Ras Al Khaimah

Wynn Resorts may have even bigger plans for Ras Al Khaimah than first imagined. According to documents referenced by Arabian Gulf Business Insight (AGBI), the company has earmarked land next to its ongoing integrated resort (IR) project for the possible development of a second property.

Possible Casino with Exclusive Rights to Operate

The details stem from a shareholders’ agreement dated June 2024, filed with the US Securities and Exchange Commission earlier this year. While Wynn’s $5.1 billion Al Marjan Island resort is scheduled to debut in 2027, the agreement points to an additional “second integrated resort plot” within a wider masterplan for the site.

Last year, Wynn confirmed it had secured 155 acres of land on Al Marjan Island Three, where its current resort is under construction. At the time, the company hinted at potential future projects without elaborating further. 

AGBI now reports that the agreement specifies the second IR plot as spanning nearly 1.5 million square feet, including 892,306 square feet of land that would need to be reclaimed. If a casino were to be built on this site, Wynn or one of its affiliates would retain exclusive operating rights.

The agreement, however, features a clause stating that Wynn or any of its affiliates will not be allowed to open a Wynn-branded casino or a residential or hotel property in the vicinity of the new IR for a decade after the opening, unless they receive approval from other shareholders. 

Public Listing Alternatives, on the Table

When asked about the filing, Wynn’s chief communications officer, Michael Weaver, explained that no decisions have been made regarding the way that land will be used “until after the first IR opens in 2027”.

The agreement also touches on the possibility of a public listing for Wynn’s UAE-based operations. Options under consideration could include transforming the joint venture into a public joint stock company, creating a new holding structure, or merging with infrastructure affiliates. 

Weaver emphasized that nothing has been finalized on this front either. “There is a significant opportunity in Ras Al Khaimah to power the company’s growth in that region and the non-compete will not impede the company’s growth globally,” he said.

For now, the focus remains on Wynn Al Marjan Island. Once complete, the flagship resort will introduce 1,500 rooms, suites and villas, along with 24 restaurants and lounges, luxury retail, wellness facilities, a theater with a custom production show, and a large events center. More importantly, it will also host the UAE’s first casino, an anchor feature meant to draw visitors from across the region and beyond.