Wynn Resorts CEO predicts huge potential in the UAE
Wynn Resorts CEO Craig Billings shares his optimistic opinion on the company’s future in the United Arab Emirates (UAE), seeing huge potential in the region.In his recent...
Wynn increases UAE project budget to $5.1 billion
Wynn Resorts has raised its investment budget for the UAE project by 31%, increasing the total from $3.9 billion to $5.1 billion.
After securing its first commercial gaming license in the UAE, on October 8, Wynn Resorts announced the investment changes, including fees and interest, with construction costs expected around $4.55 billion. A large part of this investment will be funded by a $2.4 billion bet.
Craig Billings, the CEO of Wynn Resorts, commented:
“The building now stands just over 90 meters, which is already the tallest building in the Emirate. During Q2, we contributed $357m of equity to our UAE joint venture. This included the purchase of our 40% pro rata share of all 155 acres of Island 3, the island on which Wynn Al Marjan sits. As a result, our joint venture now owns not only the land under Wynn Al Marjan but also 70-plus acres of land for potential future development on the island.”
Wynn Al Marjan Island is expected to welcome its guests in 2027 with a $1.4 billion expected annual revenue. The local gaming market could generate $5 billion in annual revenue, depending on the number of resorts allowed and the participation of local residents in gambling.
Wynn Resorts’ expansion
Wynn Resorts plans to internationally expand its footprint in the market. In the UAE, Wynn has already acquired another land in Ras Al Khaimah and will be targeting VIP customers from around the world.
Moreover, Thailand is also Wynn’s target for its next project.
Craig Billings said:
“Yes, we would pursue it out of Wynn Resorts out of the US-listed entity. It’s still early days, but there has been progress, and it’s encouraging to see, and it seems as though the legislators in Thailand really want to get this moving, which is great.”
Back in September, Thai citizens showed their support for gambling legalization in Thailand.
Wynn Resorts secures $2.4B loan for UAE casino project
A developer and operator of high-end hotels and casinos, Wynn Resorts secured a $2.4 billion loan to promote the first casino project in the Middle East, Wynn Al Marjan...
