Global casino operator Wynn Resorts has completed financing for its Wynn Al Marjan Island development in the United Arab Emirates after securing a US$2.4 billion construction facility with a global syndicate of lenders.
The secured term loan facility has been made available to Wynn Al Marjan Island FZ-LLC – a subsidiary of the joint venture firm of which Wynn owns 40% – and is denominated in a combination of AED and USD currencies, Wynn explained. The term of the loan is seven years at what it describes as a “competitive market interest rate” and is structured as a delayed draw facility to provide “significant financial flexibility” to the joint venture partners.
The bank syndicate is said to include a mix of globally recognized regional and international lenders, including Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG as Joint Coordinators of the financing, and First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited and The National Bank of Ras Al Khaimah as Initial Mandated Lead Arrangers, Bookrunners and Underwriters. Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger while First Abu Dhabi Bank PJSC is acting as Agent and Security Agent for the lenders.
According to Wynn, the facility represents the largest hospitality financing transaction in the history of the UAE.
The company also provided a project update on Friday morning (Asia time), revealing that 64% of the structural concrete is now completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor. The construction team is completing one floor per week, working toward a topping off in December of this year, it said.
Once complete, the US$5.1 billion Wynn Al Marjan Island resort will offer 1,542 rooms and suites, 22 restaurants, lounges and bars, a nightclub and beach club, luxury shopping promenade and signature Wynn spa and salon plus an extensive 39,000 square foot poolscape adjacent to the beach and a 145,000 square-foot meetings and events center.
At present, 1,226 rooms in the tower structure have been completed, Wynn revealed, with fit-out underway in 1,121 of those rooms including walls, floors and ceilings as well as all mechanical, electrical and plumbing services,
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