The much-anticipated gaming and integrated resort Wynn Al Marjan resort coming up in Ras Al Khaimah will be a “must see” tourism destination in the UAE, its chief executive said on Thursday.
Craig Billings, CEO of Wynn Resorts, said the foundation work of the $3.9 billion (Dh14.3 billion) Wynn Al Marjan is almost complete and vertical construction is set to begin soon.
“Construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a ‘must see’ tourism destination in the UAE,” said Bilings after the 2023 annual results on Thursday.
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“We are excited about the outlook for the company, and we will continue to focus on driving long-term returns for shareholders,” he added.
Al Marjan Island in Ras Al Khaimah is believed to be the next big branded residences market in UAE as many big developers have launched projects on the Island and many new are in the process of launching.
In March 2023, Alec Engineering and Contracting was awarded the main contract for the construction of the integrated resort development. Bauer International is undertaking the piling and enabling works.
1,500 rooms, suites anad villas
Set to open in early 2027, Wynn Al Marjan will house approximately 1,500 rooms, suites and villas, offering a wide array of entertainment options, a gaming area, 24 dining and lounge experiences, innovative spa and wellness experiences, a high-end shopping esplanade, an events centre, a theatre hosting a unique production show, and other amenities. Designed for both longer visits and day trips from neighbouring Emirates, the resort will offer abundant and layered experiences including nightly laser and light shows.
While speaking during an earnings conference call, Billings said the Wynn Al Marjan property is really going to be a “stunner” and it is great to see the building start taking shape.
“We have substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets.”
Wynn Resorts on Thursday announced operating revenues of $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022.
In response to a question, Billings said there are a lot of different avenues for growth for the company.
“We’ve got a huge land bank here in Vegas across the street. We’ve got the golf course. There’s a lot that we can do here… We have a project that’s actually coming out of the ground in the UAE. And that’s going to be a very substantial opportunity for us,” he said.