Wynn Resorts has recently shared updates on its casino project in the UAE with investors and analysts. The Wynn Al Marjan Island project is set to open in 2027 with a budget of $5.1 billion, which is $1.2 billion more than originally planned. The resort will be located in Ras Al Khaimah (RAK) and cover almost the entirety of the third Marjan Island – Island 3. Wynn recently secured the country’s first casino license from the General Commercial Gaming Regulatory Authority (GCGRA), allowing the company to move forward with its plans.
Wynn Resorts has acquired a significant portion of Marjan Island, with the ability to develop on nearly all of the third island on the property. The project has a budget of $5.1 billion and aims to attract a high-end clientele. Wynn expects a significant portion of its revenue to come from international VVIPs and other international travelers, with a smaller percentage coming from the domestic market. The presentation also mentions that there are strict rules for advertising gaming in the UAE, hinting that casinos will mainly cater to expats.
The presentation highlighted the core markets for Wynn Al Marjan Island, which include Europe, India, GCC, and the UAE. Wynn anticipates having a monopoly on casinos in RAK, with only one license being granted to each emirate. The company expects to control gaming in RAK for a multi-year period before the potential introduction of more competition in the form of duopolies or oligopolies. However, Wynn envisions more casinos opening in other emirates like Dubai and Abu Dhabi, projecting a 33% market share for Wynn in the region.
Wynn anticipates the UAE gaming market to be worth between $3 billion and $5 billion, with the potential to account for 1% of the country’s GDP. Other sources have predicted even higher numbers, with estimates ranging from $6.6 billion to $8.5 billion. This suggests that the UAE casino market could be comparable in size to the Las Vegas Strip and significantly larger than Singapore’s current casino industry. Wynn is projecting annual gaming revenue of $1.6 billion, with the potential for $1 billion on the lower end, surpassing its revenue from Wynn Las Vegas.
Overall, Wynn Resorts has increased its budget and financial projections for its casino project in the UAE, with the Wynn Al Marjan Island set to open in 2027 at a cost of $5.1 billion. The project aims to attract a high-end clientele, with an emphasis on international VVIPs and other international travelers. Wynn expects to have a monopoly on casinos in RAK, but anticipates more competition in other emirates in the future. The company projects the UAE gaming market to be worth billions of dollars, potentially surpassing Singapore’s casino industry in size.
