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Wynn Resorts continues to target a September 2027 opening for Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, according to a new memo from JP Morgan Securities. The US$5.7 billion casino resort project is moving forward as the company remains confident in its business expectations for the UAE market.
JP Morgan said conditions in the UAE appear more stable than recent press reports have suggested. The bank’s comments followed a meeting with Lauren Seiler, vice president of investor relations at Wynn Resorts, during the Global Gaming Expo in Las Vegas.
Wynn Resorts holds a 40% equity stake in the project alongside local partners. JP Morgan said the company remains confident it can meet its base-case to high-case steady-state expectations for the UAE operation.
UAE Conditions Show Improvement
JP Morgan analysts Daniel Politzer, Samuel Nielsen, and Michael Hirsh said the situation in the UAE had moved closer to normal conditions compared with what news coverage might indicate.
The bank noted that lodging demand and revenue per available room in the UAE were down 25% year-on-year in September. Earlier in the year, the decline had reached 50% year-on-year.
The comments were made in the context of a lull in military conflict involving the U.S. and Iran. Tensions had periodically affected the region after the U.S. and Israel attacked Iran at the end of February.
The UAE is located near Iran, and the wider regional situation has been a consideration for tourism and hospitality activity. Despite this, JP Morgan said Wynn Resorts continues to plan for the September 2027 opening of the resort.
The bank also said the regional conflict could potentially lengthen Wynn’s period of effective exclusivity in the UAE casino market if competing projects are delayed. This possibility was presented as part of Wynn Resorts’ discussion with JP Morgan.
Ras Al Khaimah Tourism Efforts Continue
Wynn Al Marjan Island is being developed in Ras Al Khaimah, one of the emirates that form the UAE. While Dubai is a more established tourism market, the Wynn casino resort has been presented as a project that could support tourism development in Ras Al Khaimah.
In mid-September, the Ras Al Khaimah Tourism Development Authority and Emirates signed a memorandum of understanding focused on joint marketing. The agreement aims to attract visitors to the emirate from selected markets served by the airline.
Ras Al Khaimah welcomed more than 670,000 visitors in the first half of the year, according to figures released by its tourism authority in July. This represented an increase of around 2.4% from more than 654,000 visitors recorded in the first half of 2025.
The year-on-year increase came despite periodic drone attacks involving other areas of the UAE and Gulf states. The visitor figures form part of the tourism backdrop as Wynn continues construction of its casino resort project.
Macau Expansion Remains Planned
JP Morgan also discussed Wynn Resorts’ operations in Macau. The company maintained its view that The Enclave at Wynn Palace, a planned US$950 million 2nd hotel tower at its Cotai resort, could increase market share.
Wynn Macau Ltd recently received government approval for land-use changes needed for the expansion. The Enclave is planned to include 425 rooms.
JP Morgan estimated that the project could support about US$400 million in GGR and generate a mid- to high-teens percentage return. The bank said this could translate to around US$150 million to US$175 million in additional EBITDA.
Wynn Palace’s existing hotel inventory currently operates at about 99% occupancy, according to the bank. JP Morgan said Wynn Resorts is not shielded from the wider slowdown in Macau gaming revenue growth, although management had not reported a major change in promotional activity or the competitive environment.
Source: GGR Asia
