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Wynn secures $2.4bn financing for Ras Al-Khaimah project

7 February 2025

Wynn Resorts has secured a $2.4bn construction facility to finance the development of Wynn Al-Marjan Island in the UAE emirate of Ras Al-Khaimah.

In a statement, Wynn said the financing is the largest hospitality financing transaction in UAE history. The loan, available to Wynn Al-Marjan Island FZ-LLC – a subsidiary of the 40%-owned joint venture – is denominated in both AED and US dollars.

Structured as a delayed draw facility, the seven-year term loan offers competitive market interest rates and substantial financial flexibility for the joint-venture partners.

The syndicate includes prominent regional and international banks, with Abu Dhabi Commercial Bank and Deutsche Bank serving as joint coordinators. The joint coordinators, along with First Abu Dhabi Bank, Emirates NBD Capital and the National Bank of Ras Al-Khaimah, acted as mandated lead arrangers, bookrunners and underwriters, and Sumitomo Mitsui Banking Corporation acted as lead arranger. First Abu Dhabi Bank is also the agent and security agent for the lenders.

Read More: Ras Al-Khaimah’s robust real estate boom continues

Construction of the resort is progressing, with 64% of the structural concrete completed up to the 34th floor of the main resort tower. The construction team is achieving a pace of one floor a week and is aiming for a December topping-off. The resort will feature 1,542 rooms and suites, with 80% of the guest rooms already completed. Exterior facade work and interior fit-outs are well under way, with significant progress in mechanical, electrical and plumbing installations.

The low-rise sections of the resort are also advancing, with concrete and steel structures 70% complete.

Dubai-based Alec was appointed as the project’s main contractor in 2023.

Wynn is the first planned gaming development to be built in the UAE. In a report in January, Wynn said that it expects two other competitive integrated resorts to start operating in the UAE. It added that it expects to command a 33% market share of gross gaming revenues (GGR) in the UAE.

According to GlobalData, the US has traditionally been a leader due to its well-established gaming industry. Emerging markets in Asia, particularly in countries like Japan and Thailand, are anticipated to rise in prominence. For instance, Thailand is planning to develop three new casino resorts in Bangkok, which could significantly enhance its standing in the global casino landscape.

READ THE FEBRUARY MEED BUSINESS REVIEW

Trump unleashes tech opportunities; Doha achieves diplomatic prowess and economic resilience; GCC water developers eye uptick in award activity in 2025.

Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:

> WATER & WASTEWATER: Water projects require innovation
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Colin Foreman

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