Wynn's Al Marjan Island Resort Expansion Gains Momentum, Secures Financing

On Thursday, Wynn Resorts Limited WYNN disclosed that Wynn Al Marjan Island secured a $2.4 billion construction loan from a global syndicate of lenders to fund its development.

Set in Ras Al Khaimah, the resort will be the first integrated resort in the UAE and is located 50 minutes from Dubai International Airport.

Wynn Al Marjan Island FZ-LLC, a subsidiary of the 40%-owned joint venture, has secured a term loan facility denominated in both AED and USD, aligning with the project’s anticipated expenses, most of which will be in AED.

The loan has a seven-year term at a competitive market rate and is structured as a delayed draw facility, offering substantial financial flexibility to the joint venture partners.

This milestone marks the largest hospitality financing transaction in UAE history.

The company stated that construction of Wynn Al Marjan Island is progressing steadily, with 64% of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores reaching the 36th floor.

Notably, the resort is being developed in partnership with Marjan and RAK Hospitality Holding, with Wynn Design and Development leading design and construction.

The resort will offer 22 dining and nightlife venues, a luxury shopping promenade, a signature Wynn spa and salon, and a 39,000-square-foot beachfront poolscape. Wynn Al Marjan Island will feature 1,542 rooms and suites.

The company expects to report fourth-quarter results on February 13, 2025.

Price Action: WYNN shares are up 0.45% at $81.01 premarket at the last check Friday.

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Image: Shutterstock/ chaylek.