{"id":310319,"date":"2024-02-10T19:58:28","date_gmt":"2024-02-11T01:58:28","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=310319"},"modified":"2024-02-12T11:31:18","modified_gmt":"2024-02-12T17:31:18","slug":"wynn-nearing-start-of-uae-hotel-construction","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/","title":{"rendered":"Wynn Nearing Start of UAE Hotel Construction"},"content":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) is said to be close to commencing construction on the hotel tower for Wynn Al Marjan Island in the United Arab Emirates (UAE).<\/p>\n

\"Wynn
Al-Marjan Island in the UAE. Wynn is nearing the start of construction on its casino hotel tower there. (Image: FOX Business<\/em>)<\/figcaption><\/figure>\n

The project\u2019s estimated cost, which is expected to be the first gaming venue in the region, is $4 billion, with a targeted opening date of early 2027. Wynn\u2019s minority interest in the venture reduces its financial exposure, meaning it\u2019s not on the hook for the entire $4 billion. The property on Al-Marjan Island is being developed with local partners Marjan LLC and RAK Hospitality Holding LLC.<\/p>\n

Its project in the UAE continues its construction, with much of the hotel tower and podium foundation now complete, and will soon start going vertical on the hotel tower,\u201d<\/strong> according to a recent report by JPMorgan analysts.<\/p><\/blockquote>\n

The property is expected to encompass 5.6 million square feet<\/a>. But if permitted, a casino will only account for 4% of that space.<\/p>\n

Wynn Bullish on UAE<\/h2>\n

Wynn delivered impressive fourth-quarter results<\/a> earlier this week, and on a conference call with analysts, CEO Craig Billings waxed bullish on the UAE property.<\/p>\n

\u201cAnd importantly, we have a substantial growth opportunity in the UAE that will further diversify our portfolio and expand our brand into new markets,\u201d he told analysts.<\/p>\n

\n

As is the case with the operator\u2019s Las Vegas Strip venues, Wynn Al Marjan Island is expected to feature gaming as more of a minor amenity and less of a focal point — one that takes a backseat to posh hotel rooms, world-class entertainment, and high-end restaurants. That could be to the liking of UAE regulators that are looking for avenues to potentially bring casino gaming to a region that\u2019s long opposed it.<\/p>\n<\/div>\n

The property \u201cis really going to be a stunner, and it’s great to see the buildings start to take shape,\u201d <\/strong>added Billings.<\/p>\n

Gaming Regs Pivotal to Wynn UAE Fortunes<\/h2>\n

It\u2019s widely expected that Wynn Al Marjan will feature a casino, but that\u2019s not a sure bet. Last September, the UAE announced formation of the General Commercial Gaming Regulatory Authority (GCGRA) — the Emirates\u2019 first gaming regulator.<\/p>\n

Led by former MGM Resorts International (NYSE: MGM) CEO Jim Murren, the GCGRA<\/a> is tasked with developing gaming rules and regulations for the UAE and potentially setting the number of integrated resorts allowed there. However, the group has not yet released related guidelines.<\/p>\n

That lack of clarity on the ability of Wynn to operate a casino in UAE is a potential headwind. While shares of the gaming operator are higher by almost 16% year-to-date, some analysts have argued that the UAE project isn\u2019t priced into the stock. That is indicating market participants don\u2019t fully appreciate Wynn\u2019s UAE opportunity set, or are concerned about its casino approval prospects.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) is said to be close to commencing construction on the hotel tower for Wynn Al Marjan Island in the United Arab Emirates (UAE). The project\u2019s estimated cost, which is expected to be the first gaming venue in the region, is $4 billion, with a targeted opening date of early 2027. Wynn\u2019s […]<\/p>\n","protected":false},"author":46,"featured_media":199480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,81883],"tags":[81913,81897,82205],"acf":[],"yoast_head":"\nWynn Nearing Start of UAE Hotel Construction<\/title>\n<meta name=\"description\" content=\"Wynn Nearing Start of UAE Hotel Construction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Nearing Start of UAE Hotel Construction\" \/>\n<meta property=\"og:description\" content=\"Wynn Nearing Start of UAE Hotel Construction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-11T01:58:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-12T17:31:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/AlMarjan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/\",\"name\":\"Wynn Nearing Start of UAE Hotel Construction\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/AlMarjan.jpg\",\"datePublished\":\"2024-02-11T01:58:28+00:00\",\"dateModified\":\"2024-02-12T17:31:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Nearing Start of UAE Hotel Construction.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-nearing-start-of-uae-hotel-construction\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/AlMarjan.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/AlMarjan.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Al-Marjan Island in the UAE. Wynn is nearing the start of construction on its casino hotel tower there. 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