Wynn Resorts Ltd has reached a significant milestone in its UAE expansion. Together with local partners, the company has secured a US$2.4 billion construction loan to fund the development of the Wynn Al Marjan Island resort.
The Wynn Al Marjan Island resort is set to become a jewel in the crown of UAE’s hospitality sector. Located in the emirate of Ras Al Khaimah, the project benefits from a prime location that is easily accessible to international visitors. Situated just 50 minutes from Dubai International Airport.
Set in the emirate of Ras Al Khaimah, this resort is positioned to become a cornerstone of the UAE’s hospitality landscape. Its prime location, just 50 minutes from Dubai International Airport, ensures easy access for international visitors.
The project is a collaboration between Wynn Resorts, Marjan LLC, and RAK Hospitality Holding LLC. This partnership combines Wynn’s global expertise in luxury resort design with the local firms’ deep knowledge of the UAE market and regulatory environment. Wynn holds a 40% stake in the joint venture, signaling its long-term commitment.
A New Standard for Luxury
Wynn Al Marjan Island aims to raise the bar for high-end hospitality in the Middle East with innovative architecture, world-class amenities, and diverse entertainment options.
The financing deal, described as the largest hospitality loan in UAE history, highlights the project’s scale and importance. The structured financing provides:
- A seven-year term to allow for project completion and initial operations
- Competitive interest rates for cost-effective borrowing
- A delayed draw facility for greater financial flexibility
Construction Updates
Wynn Resorts has reported steady progress on the resort’s construction. Key milestones include:
- Completion of 64% of the structural concrete work up to the 34th floor of the main tower
- Elevator cores reaching the 36th floor
- Construction teams achieving a pace of one floor per week
At this rate, the project is on track for a topping-off ceremony in December, marking a major step toward completion.