Wynn Resorts has finalized financing for its Al Marjan Island resort in the UAE, securing a $2.4 billion (£1.93 billion/€2.31 billion) construction loan from an international group of lenders.
Announced in January 2022, Wynn Al Marjan Island is set to become the UAE’s first integrated resort. Originally estimated at $3.90 billion, the project’s cost has risen to approximately $5.10 billion.
To finance the development, Wynn has secured funding from multiple sources. The final portion comes as a secured seven-year term loan facility.
The loan will be issued in a mix of US dollars and UAE dirhams, with the majority of development costs expected to be covered in dirhams. Wynn has described this as the largest hospitality financing deal in UAE history.
Abu Dhabi Commercial Bank and Deutsche Bank led the financing round as joint coordinators. They were joined by First Abu Dhabi Bank, Emirates NBD Capital Limited, The National Bank of Ras Al Khaimah, and Sumitomo Mitsui Banking Corporation as part of the broader bank syndicate.
First Abu Dhabi Bank will serve as both the agent and security agent for the lenders.
Wynn expects topping off in December
Following the funding confirmation on February 6, Wynn provided an update on the progress of its Al Marjan Island project. As of now, 64% of the structural concrete for the main resort tower—up to the 34th floor—has been completed, up from 50% in November.
The construction team is currently completing one floor per week, aiming to top off the structure by December. Over the past 100 days, the resort tower has risen approximately 140 feet.
Once finished, the resort will offer 1,542 rooms and suites, with 80% of all rooms already completed. The exterior façade window glazing is now over 20% complete, and interior fit-out is progressing in more than 1,120 rooms.
The low-rise section of the resort is also advancing, with concrete and steel structures now 70% complete. Work on exterior facades, interior fittings, and the installation of elevators and escalators is ongoing.
Wynn Al Marjan Island will feature a variety of amenities, including restaurants, lounges, bars, a nightclub, a beach club, a shopping promenade, a theatre, and a dedicated meetings and events center.
What about the other possible players in UAE?
Wynn remains the sole operator to have obtained a casino license in the UAE. The General Commercial Gaming Regulatory Authority (GCGRA) granted the license—the first of its kind in the Emirates—in October last year.
So far, the only other licenses issued include one for The Game to operate the UAE’s national lottery and several supplier licenses for gaming machines and technology.
MGM Resorts has also expressed interest in entering the UAE market. CEO Bill Hornbuckle stated at a Skift event in September that plans are underway for a resort in Abu Dhabi, with a license application in progress.
However, in a November update, GCGRA chairman Jim Murren emphasized that the regulator is proceeding cautiously with resort licensing, stating that the authority remains focused on the operators it has already approved.
