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Wynn Resorts has closed a $2.4 billion construction loan to fund its ambitious Wynn Al Marjan Island casino and resort project in the UAE.
Strategic Financing of Landmark Development
The financing was arranged through an international network of financial institutions and has been allocated to a subsidiary of the joint venture in which Wynn holds a 40% stake.
The seven-year loan, split between UAE dirhams and US dollars, was provided at what Wynn describes as a “competitive” interest rate. Designed as a delayed draw facility, the structure ensures financial flexibility throughout the various stages of development.
This transaction is led by a global banking syndicate in which Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG act as Joint Coordinators, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, The National Bank of Ras Al Khaimah, Sumitomo Mitsui Banking Corporation.
A Record-Breaking Deal in the UAE Hospitality Industry
This project financing represents a landmark deal in the hospitality industry for the UAE, which remains the largest ever hospitality loan taken out in the country.
Wynn Resorts, recently named one of the “World’s Most Admired Companies” by Fortune magazine for 2025, had been positioning the project as one of the pioneering developments in a class of its own in luxury resorting. At an expected overall cost of $5.1 billion, this resort should push the offering of opulence to new limits within the region.
Advancing Construction and Project Milestones
Work is in full gear on Wynn Al Marjan Island. The resort, offering 1,542 rooms and suites, will come with an almost unprecedented assortment of luxury amenities, including nearly two dozen restaurants and bars.
Reports from the construction site reveal major developments:
- Completion of structure works on 1,226 rooms, with over 1,100 now receiving finishing touches.
- Other entertainment amenities will include a nightclub, beach club, shopping mall and Wynn spa and salon in true high luxury.
- A large meeting and event space will be proposed, along with a long beachfront pool area.
The structural concrete completion has been accomplished, having achieved a 64% rate of construction where the main resort tower stands at the 34th floor and elevator cores reached the 36th floor. Presently, the construction is running at about one floor per week, though no work could be done above that level until trial was held, top-off date would be targeted for December 2025.
Resolution of Legal Matters Involving Steve Wynn
Meanwhile, in step with progress at the in-construction project, Wynn Resorts has also settled a long legal battle involving its former chairman and founder, Steve Wynn.
A $70-million settlement was reached last year in a class-action securities fraud lawsuit regarding sexual misconduct allegations. A federal court has now given final approval to the settlement.
Investors in the case had accused Wynn Resorts and the former executives of either covering up or ignoring the allegations while misleading the shareholders with their statements. Of this, attorneys’ fees will slice more than $23 million, roughly one-third of the total amount, according to the settlement.
These legal challenges stem from the same set of allegations that came to light in 2018 and forced Steve Wynn’s resignation. The scandal that hit Wynn Resorts also brought its corporate governance and compliance policies under greater scrutiny.
With the court’s approval of the settlement, the company is working toward improving governance practices and recommitting itself to ethical leadership.
Source: Next.io
