Wynn to brief investors on Tuesday after issuing UAE gaming license
US-based gaming operator Wynn Resorts has announced that it has been awarded the United Arab Emirates (UAE)’s first casino license from the General Commercial Gambling Regulatory Authority (GCGRA).
The company, which is the parent company of Macau stakeholder Wynn Macau Ltd., currently owns the Wynn Al Marjan Island project (as depicted in an artist’s rendering) in Ras Al Khaimah, United Arab Emirates (UAE). is currently being developed.
Wynn Resorts will hold a conference for financial analysts and institutional investors on Tuesday (October 8) to discuss the UAE project.
On Friday, Wynn Resorts issued a statement saying UAE regulators had “issued a commercial gaming facility operating license to the entity developing Wynn Al Marjan Island Resort.”
It added: “The award of the license follows a diligent and extensive review by GCGRA.”
The company statement further said: “Wynn Resorts is proud to be the recipient of the UAE’s first commercial gaming facility license, thanking GCGRA for the confidence and trust that this license represents.”
“We are proceeding with the construction of a resort in Ras Al Khaimah and look forward to becoming an important partner in the development of the tourism economy.”
Wynn Al Marjan Island is said to be a US$3.9 billion venture with local partners, with Wynn Resorts having a 40% stake. Wynn Resorts’ local partners in the scheme are Marjan LLC and RAK Hospitality Holding LLC.
Wynn Resorts said in the group’s second-quarter earnings report in August that its total investment in the plan to date was US$514.4 million. This equates to about $300 million for Win Al Marjan and just over $200 million for what Chief Financial Officer Julie Cameron Doe called “Marjan Land Bank and related infrastructure.”
Win Al Marjan Island’s aforementioned non-gaming facilities include a 1,542-room hotel, including 22 private villas located in the marina adjacent to the resort. The property will also include 7,500 square meters of land. [80,729-sq-feet] Wynn Resorts says it will feature an event center, 15,000 square meters of retail venues, more than 20 restaurants and bars, and a theater.
Earlier this year, the casino company said the UAE project was on track for a “public opening in early 2027.”
In mid-September, Wynn Resorts announced the appointment of three senior executives to Wynn Al Marjan Island. This follows news in August that Max Tapineer, former executive vice president of Wynn Las Vegas, will become president of Wynn Al Marjan Island, effective September 1.
In other UAE gaming-related news, US-based MGM Resorts International, the parent company of Macau casino operator MGM China Holdings, announced at an investment event late last month that it had acquired a casino license at another UAE casino. announced that it had applied. Constituent Emirates, Abu Dhabi
Bill Hornbuckle, CEO and President of MGM Resorts.
“Yes, there is.” [applied for a licence]. We did it in Abu Dhabi,” Hornbuckle said at the Skift Global Forum 2024 in New York City.