Wynn secures secures $2.4bn in funding for UAE casino venture
Wynn Resorts has finalized $2.4 billion in financing for the construction of Wynn Al Marjan Island, a large integrated resort in Ras Al Khaimah, United Arab Emirates (UAE). This funding, provided by a consortium of international and regional lenders, represents the largest hospitality development facility in the UAE.
The seven-year term loan is structured as a deferred draw facility, which allows Wynn Resorts to maintain financial flexibility during the construction phase.
Key financial players in this venture include Abu Dhabi Commercial Bank and Deutsche Bank as joint coordinators, along with First Abu Dhabi Bank, Emirates NBD Capital, The National Bank of Ras Al Khaimah, and Sumitomo Mitsui Banking Corporation as lead arrangers.
The resort will feature 1,542 guestrooms and suites, with 80% of the tower structurally complete and interior work ongoing on over 1,100 rooms. Additionally, low-rise buildings supporting the resort are 70% finished.
The project promises an array of amenities, including 22 dining and entertainment venues, a luxury shopping promenade, a 39,000 square foot swimming pool, a 145,000 square foot event space, and a theatre with a resident show.
Located just 50 minutes from Dubai International Airport, the resort is a collaboration between Wynn Resorts, Marjan, and RAK Hospitality Holding. It follows Wynn's acquisition of the UAE's first commercial gaming license in October 2024, enhancing prospects for tourism and economic diversification in the region.
