The revised timeline and cost schedule for Wynn Resorts’ UAE integrated resort project Wynn Al Marjan Island will see the company’s own equity contribution to the project rise to between US$1.59 billion and US$1.71 billion, said CBRE Equity Research in a Wednesday note.
As reported by Inside Asian Gaming, Wynn this week announced September 2027 as the planned opening date for Wynn Al Marjan Island, with the development having been slightly delayed as a result of the conflict in nearby Iran. However, this has also seen total project costs rise by US$600 million – around half of which has been attributed to the war and the remainder to typical cost increases.
With Wynn directly responsible for around 40% of the project cost, which now sits at US$5.7 billion, this equates to an additional US$240 million of the US$600 increase.
According to CBRE’s John DeCree and Max Marsh, Wynn has so far contributed US$1.06 billion of equity to the joint venture and has between US$525 million and US$650 million remaining, including adjacent hotel Janu. This, the analysts added, would bring Wynn’s total equity contribution to between US$1.59 billion and US$1.71 billion.
Nevertheless, they describe the revised figures as “relatively minimal considering the significant disruption in the region.”
“Ras Al Khaimah reported record tourist arrivals in 1H26, driven by a 47% increase in domestic arrivals, evidencing the deep local market and resilience of the region despite the geopolitical landscape,” DeCree and Marsh wrote.
“As the only meaningful integrated resort casino supply within a large and well-populated radius, we remain bullish on Wynn Al Marjan Island. When fully stabilized (est. 2031), we estimate Wynn could generate US$355 million of annual free cash flow from Wynn Al Marjan Island, including management fees and dividends.
“This would imply a 22% unlevered annual return on equity.”
In Wynn’s 2Q26 earnings call earlier this week, CEO Craig Billings said, “What we are building in the region is one of a kind and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever.”
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