Wynn Resorts Secures $2.4 Billion Loan for UAE Casino Development

Wynn Resorts (NASDAQ: WYNN) revealed on Thursday that it has secured a $2.4 billion construction loan to fund its upcoming casino resort in the United Arab Emirates (UAE), marking the completion of the project’s financing.

The loan, denominated in both US dollars and UAE dirham, has been granted to Wynn Al Marjan Island FZ-LLC, a subsidiary of Wynn Resorts, which holds a 40% stake in the Wynn Al Marjan Island venture. Currently under construction in Ras Al Khaimah (RAK), the integrated resort will be the first gaming establishment in the Arab world and is scheduled to open in 2027.

“The term of the loan is seven years at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners,” Wynn Resorts stated in a release from its Las Vegas headquarters.

The company also highlighted that the majority of the project’s expenditures will be in dirham and that the loan is the largest ever secured within the UAE’s leisure and hospitality sector.

Strong Lender Support for Wynn UAE Project

The broad range of financial institutions backing Wynn’s UAE development underscores the company’s ability to access capital markets with ease.

“The bank syndicate includes a mix of globally recognized regional and international lenders. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as Joint Coordinators of the financing,” according to the press release. “The joint coordinators as well as First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank PJSC is acting as Agent and Security Agent for the lenders.”

The extensive list of financial backers may indicate that the investment community sees significant potential in the intersection of the UAE and the casino gaming industry. Some projections suggest that the UAE could eventually rank as the fourth-largest casino market globally, even with just a limited number of venues.

Lenders may also be drawn to the project by the fact that the General Commercial Gaming Regulatory Authority (GCGRA) has yet to grant approvals for any other casinos. As a result, Wynn Al Marjan Island will enjoy a multi-year monopoly before facing competition.

Wynn UAE Casino Construction Progressing Rapidly

Alongside announcing the financing, Wynn Resorts provided an update on the construction progress of its UAE casino resort, offering a positive outlook. The company expects to top off the hotel tower by the end of 2025—a goal that appears achievable, given that the structure has increased in height by 140 feet over the past 100 days, with construction crews completing one floor per week.

So far, 80% of the guestrooms at the waterfront resort have been completed, while 20% of the exterior façade is finished.

“In the low-rise portion of the building, the concrete and steel structures are a combined 70% complete. Exterior facades and interior fit out have commenced. Elevator and escalator installation across the property is also progressing,” the company concluded in its statement.

By fLEXI tEAM