Wynn Resorts Ltd. anticipates receiving a gaming license in the United Arab Emirates (UAE) soon. Craig Billings, the company’s Chief Executive Officer, shared this information during the earnings call following the release of the 2Q23 financial results on Thursday morning in Asian time.
Craig Billings,Chief Executive Officer of Wynn Resorts Ltd.
Despite the absence of clarity concerning gambling legalization in the country, Billings expressed the company’s lack of concern. He stated, ‘There is a legalization process that needs to occur for broader gaming to take place on that property.’
Wynn’s project is situated on Al Marjan Island in Ras Al Khaimah, a northern region of the UAE close to Dubai. The project’s estimated cost exceeds $3.9 billion.
Billings believes that the UAE represents ‘the most exciting new gaming market in decades,’ given that the gaming operator holds a 40 percent equity ownership and will also derive income from management license fees.
Wynn unveiled the design vision for Wynn Al Marjan Island in April. The integrated resort is being developed in collaboration with local partners Marjan LLC and RAK Hospitality Holding LLC.
Wynn Al Marjan will offer approximately 1,500 lavishly styled rooms, suites, and villas, effectively increasing the island’s room supply by half. The island aims to have a total of 8,000 rooms within seven years.
The integrated resort is expected to open in early 2027.
