Wynn Resorts has set aside land alongside its Ras Al Khaimah integrated resort development for the possible construction of a second IR – and may consider a listing for its UAE entities – according to Arabian Gulf Business Insight (AGBI).
The local media outlet cites information contained in a shareholders’ agreement dated June 2024 and made public via the US Securities and Exchange Commission earlier this year.
While the current US$5.1 billion Wynn Al Marjan Island project is slated to open in 2027, AGBI says the agreement mentioned a “second integrated resort plot” alongside various other plots that form part of a broader masterplan.
Wynn had announced last year the acquisition of 155 acres of land on Al Marjan Island Three – the location of its current development – to be potentially utilized for future development but didn’t openly specify what that development might be.
According to AGBI, the shareholders’ agreement details the second IR plot as covering a total of 593,870 square feet of existing land with a further 892,306 square feet to be reclaimed, taking the total size to almost 1.5 million square feet. The agreement also states that if a casino is built on this plot, Wynn or an affiliate would be its sole operator, AGBI said.
In response to its inquiries, the outlet quoted Wynn’s Chief Communications Officer Michael Weaver as stating that no decisions would made on the future use of the second IR plot until after the first IR opens in 2027.
The agreement also outlines a process for a potential IPO which, AGBI says could involve converting the company into a public joint stock company, inserting a new holding structure or merging the joint venture with related infrastructure entities.
Weaver said no decision on whether to proceed with such a process had been made either.
“There is a significant opportunity in Ras Al Khaimah to power the company’s growth in that region and the non-compete will not impede the company’s growth globally,” he explained.
Wynn’s current IR development will, once open, include 1,500 rooms, suites and villas, the UAE’s first casino, 24 dining and lounge experiences, a spa and wellness experiences, a high-end shopping esplanade, a state-of-the-art events center, a theater hosting a unique production show, and more.
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