CBRE expects Wynn Resorts to receive $355 million in annual free cash flow from Wynn Al Marjan Island through management fees and dividends once the UAE property stabilizes in 2031.
The estimate covers cash flow expected to reach Wynn rather than the resort’s total cash generation. It assumes a fully stabilized year rather than performance immediately after the property opens. CBRE said the forecast would represent a 22 percent unlevered annual return on Wynn’s equity investment.
Wynn has contributed approximately $1.06 billion in equity to the joint venture and has an estimated $525 million to $650 million still to fund, according to CBRE. This would bring its total contribution to between $1.59 billion and $1.71 billion.
Following the latest $600 million increase in the project budget, Wynn is responsible for its 40 percent pro-rata share, equivalent to $240 million. CBRE attributed about half of the increase to disruption caused by the conflict involving Iran and the remainder to typical cost escalation for a development of this size.
The brokerage said the September 2027 target opening represented a delay of approximately six months. However, it viewed both the delay and the roughly 11 percent budget increase as ‘relatively minimal’ given the disruption in the region.
CBRE also cited record tourist arrivals in Ras Al Khaimah during the first half of 2026, driven by a 47 percent year-on-year increase in domestic arrivals. The brokerage said the performance provided evidence of the depth and resilience of the local market despite the geopolitical environment.
It described Wynn Al Marjan Island as the ‘only meaningful integrated resort casino supply’ within a large and well-populated surrounding market, supporting its bullish long-term assessment.
However, CBRE cautioned that the opening timetable could still change because of continued volatility in the Middle East.
