Wynn Al Marjan Secures $2.4bn Funding for UAE Casino

Wynn Resorts has announced key updates on the development of Wynn Al Marjan Island, including securing a significant $2.4 billion construction facility to fund the project. The facility, backed by a global syndicate of lenders, will finance the development of the UAE's first casino, located on Al Marjan Island in Ras Al Khaimah, just 50 minutes from Dubai International Airport.

The loan, a seven-year term facility, is structured as a delayed draw with flexible financial terms for the joint venture partners. The loan is denominated in both AED and USD, with the majority of development costs expected to be incurred in AED. This marks the largest hospitality financing deal in the UAE's history.

The bank syndicate includes notable regional and international lenders, such as:

• Abu Dhabi Commercial Bank
• Deutsche Bank
• First Abu Dhabi Bank
• Emirates NBD
• National Bank of Ras Al Khaimah
• Sumitomo Mitsui Banking Corporation

Construction progress is well underway, with 64% of the structural concrete completed up to the 34th floor of the resort’s main tower, and elevator cores extending to the 36th floor. The project is progressing at a pace of one floor per week, with plans for the topping off to occur in December of this year. Over the past 100 days, the tower has risen by approximately 140 feet.

The resort will offer 1,542 rooms and suites, with 80% of the tower’s guest rooms already completed. The exterior façade glazing is progressing with 2,840 of the 13,734 panels already installed, while fit-out work is underway in approximately 1,121 rooms, covering walls, floors, ceilings, and all mechanical, electrical, and plumbing systems.

The low-rise portion of the building is 70% complete in terms of concrete and steel structure, and work on exterior facades and interior fit-out has begun. The installation of elevators and escalators is also progressing.

In addition to the hotel and casino, Wynn Al Marjan Island will offer 22 restaurants, lounges, and bars, along with a nightclub, beach club, and luxury shopping promenade. A signature Wynn spa and salon will also be featured. Guests will have access to a 39,000-square-foot poolscape adjacent to the beach, and a 145,000-square-foot meetings and events centre with outdoor terraces and lawns. The resort will also feature a state-of-the-art theatre with a new resident show, designed specifically for the island.