Wynn Resorts indicates the $5.1 billion budget for its Wynn Al Marjan Island integrated resort is now 67 percent spent or contractually secured, updating investors on construction progress during a market tour in the UAE.
In a presentation for a UAE market tour, the gaming group highlighted that its strategy relies on extensive buyouts, fixed pricing, and contingency reserves to reduce risks to timing, cost and quality.
Roughly $3.4 billion of the project’s total cost has already been spent or fully bought out under procurement commitments.
The resort — set to become the UAE’s first to feature a casino — remains on track for an early 2027 opening, with all tower structural concrete complete and nearly all guest-room structures finished as of late November 2025.
Wynn said about 18,000 construction workers and professionals are on site daily. The tower facade glazing is approximately 70 percent complete, hotel room interior fit-outs are underway across virtually all guest rooms, and low-rise structures are 97 percent complete with interior partitions and MEP (mechanical, electrical and plumbing) work progressing across most venues.
The 353-metre tower is set to become one of the tallest hospitality structures in the region, surpassing some of Dubai’s best-known landmarks.
Wynn’s presence has accelerated the transformation of Al Marjan Island, where land prices have nearly tripled since 2021 following the project’s announcement. Global hospitality and branded residential developers, including JW Marriott, Fairmont, Nikki Beach and Janu, have since committed to new projects that have sold out available plots on the island.
Ras Al Khaimah is also undergoing rapid economic expansion under its Vision 2030 plan, which includes more than $35 billion in development and infrastructure investment.
Current projects include an expansion of Emirates Road, a major airport terminal enlargement targeting 3 million passengers by 2028, and an electric air-taxi corridor linking Dubai International Airport to Al Marjan Island by 2027.
Tourism authorities project visitation to reach 11.2 million by 2030, with hotel key supply expected to more than double from 7,472 today to more than 16,000 by the end of the decade. A Colliers study forecasts that by 2027 — the year Wynn opens — room demand in Ras Al Khaimah will outpace supply by over 8,400 keys.
Wynn Resorts estimates the UAE could generate $3–5 billion in annual gaming revenue once three integrated resorts are operating. Based on its modelling, Wynn Al Marjan Island is expected to produce between $1 billion and $1.7 billion in gross gaming revenue at steady state.
The company projects annual property EBITDAM of $500–800 million, implying a project return of 9.8–15.7 percent and a return on equity of 16.7–34.3 percent after the resort’s typical three-year ramp-up period.
Executives say the property will anchor Ras Al Khaimah’s ambitions to become a major international tourism, entertainment and luxury-resort hub.
