Content Writer: Janice Chew • Monday, 25/09/2025 - 22:21:15 - PM
Global casino giant Wynn Resorts and its UAE partners—including RAK Hospitality Holding LLC and Al Marjan Island LLC—have secured a substantial land parcel for a second integrated resort (IR) beside their flagship project, Wynn Al Marjan Island, situated on Al Marjan Island in Ras Al Khaimah. The new plot spans approximately 593,870 square feet of existing land, with an additional 892,307 square feet to be reclaimed, culminating in a total development area of nearly 1.49 million square feet. Importantly, if a casino is developed there, the agreement ensures that Wynn (or its affiliate) will remain the sole casino operator on the plot.
Wynn holds a 40% equity stake in the joint venture and is also entitled to receive management fees for the project, alongside its ownership role. During the company's second-quarter earnings call, CEO Craig Billings reaffirmed that the UAE development remains a top priority, noting:
“Don’t forget we have a whole land bank there. And you shouldn’t be surprised over the course of the next year or so to hear us talk about using portions of that land bank.”
However, Michael Weaver, Wynn Resorts’ chief communications officer, cautioned that no plans are imminent for building on the second plot. In an emailed statement shared with Arabian Gulf Business Insight (AGBI), he said:
“No decisions would be made on plans for the second plot until after the opening of the first property in 2027.”
Beyond land development, the shareholders' agreement outlines a clear path toward a potential initial public offering (IPO). Provisions include converting the joint venture into a public joint stock company, creating a new holding structure, or merging with an existing entity. Still, Weaver underscored that no decision on an IPO has been made at this stage.