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- Wynn has already spent or committed $3.4 billion out of $5.1 billion to build the UAE's first legal casino that's opening in early 2027.
- The resort will have over 1,500 rooms, 275 gaming tables, and 2,000 slot machines that could bring in up to $1.66 billion a year.
- Wynn has the only casino license in the UAE for the next 15 years so there won't be any competition as tourism in the area explodes.
RAS AL-KHAIMAH - Wynn Resorts is making serious progress on its massive UAE casino project, revealing it has already spent or locked in $3.4 billion of the resort's $5.1 billion budget.
The company gave investors a tour of the Al Marjan Island construction site last week, showing off a project that now has roughly 18,000 workers on site every day. The 305-meter tower has reached its 70th story, and all of the room frameworks and structural concrete have already been completed.
The tower rooms' air conditioning was turned on back in October, and the external glass is roughly 70% complete. The construction is moving at a pace of one floor per week, with a hopeful finish point in December.
Wynn has the only gambling license that the UAE has granted thus far, and it will be the first legal casino in the Arab world. 1,530 rooms and suites, 275 gaming tables, more than 2,000 slot machines, 24 dining options and lounges, a theater, nightclub, spa, and 420 meters of private beach are all included in the resort.
For visitors seeking the highest level of seclusion and luxury, there is also an extremely exclusive area on the top floors known as Enclave.
Big Money Expected
Once everything is operational, Wynn projects that the hotel will generate between $1 billion and $1.66 billion in casino revenue annually, with gaming accounting for about 82% of total income. Ras Al Khaimah anticipates that the number of visitors will increase rapidly, from 1.3 million in 2024 to over 5 million by 2030.
The location is quite beneficial. 75 percent of the world's population can be reached by air in eight hours, and a $200 million highway project will reduce travel time from Dubai by 45 percent. Since Wynn has a 15-year exclusive casino license for the emirate, there won't be any competition anytime soon.
Since Wynn confirmed its plans in 2022, a number of significant hotel projects have been planned, and real estate values on the island have almost tripled since 2021.
Strong branding works, as demonstrated by the best legal casinos in Nevada, and Wynn is obviously attempting to replicate that strategy in the UAE. The resort is scheduled to open in early 2027.