Posted on: November 21, 2024, 02:13h.
Last updated on: November 21, 2024, 02:31h.
Wynn Resorts (NASDAQ: WYNN) announced Thursday that as measured on the basis of structural concrete, its Al Marjan Island casino resort in the United Arab Emirates (UAE) is 55% complete.
Wynn Al Marjan Island is located in the emirate of Ras Al Khaimah. While concrete construction is complete up to the venue’s 26th floor, walls extend up to the 29th. Construction crews are finishing one floor per week and in just the past 100 days, the hotel tower has grown in height by 100 meters. The goal is to have that tower topped off by December 2025.
The resort will offer 1,542 rooms and well-appointed suites. To date, the tower structure has been completed for 1,121 guest rooms, or 73% of the total,” according to a statement issued by the gaming company. “Fit out is underway in approximately 820 rooms — including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services. The elevator and escalator installation also began this month.”
There are 9,100 construction workers on site daily, and more than 100 concrete trucks delivering payloads to the property.
Wynn UAE Casino Headlines Recently Positive
News that construction on Wynn Al Marjan Island is progressing rapidly arrived just weeks after the General Commercial Gaming Regulatory Authority (GCGRA) granted the gaming license for the Wynn venue.
That marked the first such approval in the history of the Arab world, signaling that the UAE could be the beacon of gaming liberalization in the region. Specific to Wynn, while analysts widely expect the UAE will eventually be a multicasino market, it’s also clear that Wynn Al Marjan Island will be the only gaming property there for several years, giving it the advantages of a temporary monopoly.
One of the primary reasons Wynn and UAE are a good match is because regulators there don’t want the casino to be the focal point of the integrated resort. Wynn operates its venues so that dining, entertainment, and other amenities take precedence over gaming, and the casino space at the UAE venue is expected to command just 4% of the total square footage.
“The resort will also include a 15,000-square-meter shopping promenade filled with the world’s top luxury boutiques, a five-star spa, and a salon. The 7,500-square-meter meetings and events center, along with a theater, will offer exciting parties, events, and bespoke entertainment experiences,” according to the statement.
Wynn Could Usher in New Era in the UAE
Countries in the Middle East have long opposed wagering in nearly all its forms, but the UAE is showing signs of leading liberalization on that front. Before approving Wynn’s casino license, regulators there signed off on a lottery permit for a company looking to operate in Abu Dhabi.
By some estimates, when the casino market in the UAE fully matures, it could be the fourth-largest in the world, and that would be with contributions from no more than four venues producing as much as $5 billion in annual gross gaming revenue (GGR).
The UAE’s location could also help bolster its ascent in the global casino ranks. Specific to the Wynn property, it’s located within an eight-hour flight of 96% of the world’s population.
