Wynn Plans to Start Hotel Tower Construction for Al Marjan Project

The development of the hotel tower of Wynn Al Marjan Island, Wynn Resorts’ multi-billion-dollar hospitality and entertainment resort, is expected to commence soon. The ambitious project, located on the Al Marjan Island in the United Arab Emirates (UAE), represents a $4 billion investment. Previously, Wynn Resorts spoke about the project, explaining its plans to build the “Las Vegas Strip” in the UAE.

The multi-billion-dollar investment is completed by the company in collaboration with RAK Hospitality Holding LLC and Marjan LLC, two of the company’s local development partners. The investment for Wynn Resorts is approximately 40% of the total price for the resort, which is estimated at $3.9 billion. According to the company, Wynn Al Marjan Island is expected to welcome its first guests early in 2027.

Last week, Wynn Resorts released its Q4 2023 results. During an earnings call, the company’s chief executive officer, Craig Billings, spoke about the potential of the UAE project. He explained that the project on Al Marjan Island would help Wynn diversify its portfolio and expand its presence into new markets.

Billings said that the construction of the UAE resort continues and confirmed that the hotel tower and podium foundation are now ready, allowing the company to start the vertical development of the hotel tower. “Property is really going to be a stunner, and it’s great to see the buildings start to take shape,” he added.

“Lastly, turning to Wynn Al Marjan, construction continues on the project with much of the hotel tower and podium foundation now complete, and we are nearly ready to start going vertical on the hotel tower.“

Craig Billings, CEO of Wynn Resorts

Progress Comes Amid Strong Q4 Results

The multi-billion-dollar Wynn Al Marjan Island project is expected to take some 5.6 million square feet. While the company anticipates offering casino gambling, it is contingent on a green light from the UAE. This is because currently, the country prohibits gambling activities. One option that may pave the way for casino gambling in the region is a foreigner-only casino, a method used by other countries across the globe.

Upon releasing its Q4 report, Wynn posted strong growth in operating revenues. The company’s operating revenues for Q4 2023 hit $1.84 billion, a substantial increase when compared to the $1 billion result from the corresponding period in 2022.

Similarly, net income soared to $729.2 million for the fourth quarter of 2023, a result the company explained was attributable to an increase in the operating revenues for its Las Vegas and Macau operations, among other positive factors.