Wynn Resorts Finalizes $2.4B Financing for UAE Resort
Wynn Resorts has successfully secured $2.4 billion in financing for its highly anticipated Wynn Al Marjan Island project. The funding, provided by a global syndicate of lenders, represents the largest hospitality-related loan in the history of the United Arab Emirates, according to a company statement.
LISTEN TO THIS ARTICLE:Financing Structured as Seven-Year Loan
The financing is structured as a seven-year loan with a competitive market interest rate. Additionally, the loan is designed as a delayed draw facility, offering significant financial flexibility to the joint venture partners.
The funds were allocated to Wynn Al Marjan Island FZ-LLC, a subsidiary of the joint venture in which Wynn holds a 40% stake. The loan is denominated in both UAE dirhams (AED) and U.S. dollars (USD) due to the predominance of project costs expected in AED.
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Abu Dhabi Commercial Bank PJSC and Deutsche Bank AGB served as Joint Coordinators for the financing, while First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners, and Underwriters. Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai, also participated as a Lead Arranger, with First Abu Dhabi Bank PJSC serving as both Agent and Security Agent for the lenders.
Wynn Resorts reaffirmed that the luxury integrated resort remains on track to open in 2027. The $5.1 billion project is expected to redefine Ras Al Khaimah’s tourism industry, with some analysts predicting it could establish the region as the world’s fourth major gaming destination. Located just 50 minutes from Dubai International Airport, the resort is set to be the first of its kind in the UAE.
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Constructing One Floor Per Week
Construction is moving fast, with the development team currently completing one floor per week. The project’s main resort tower has now reached the 34th floor, with 64% of the structural concrete work completed.
Over the past 100 days, the tower has grown by 140 feet. Of the 1,542 guest rooms planned, 1,226, roughly 80%, have been completed, while over 20% of the exterior façade window glazing is finished. Interior fit-out is currently underway for 1,121 rooms, and work on the low-rise structures is approximately 70% complete. The tower is expected to be topped off by December.
Wynn Resorts is developing the project in collaboration with Marjan and RAK Hospitality Holding, with Wynn Design and Development overseeing all aspects of design and construction.
About the Resort
Currently, there are 9,100 construction team members working onsite, with over 100 concrete trucks operating daily to support the project. The resort is set to feature 1,542 rooms and suites, all thoughtfully designed. So far, the tower structure for 1,121 guest rooms—73% of the total—has been completed. Fit-out work is now in progress for approximately 820 rooms, which includes installing walls, floors, ceilings, and all mechanical, electrical, and plumbing systems. Additionally, the installation of elevators and escalators commenced this month, marking another significant milestone in the project's development.
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