Wynn Resorts Ltd., a global game operator, will split about $900 million to build Wynn Al Marjan Island, a casino resort project in the United Arab Emirates. This is based on estimates by Craig Billings, group chief executive of Wynn Resorts, which is also the parent company of Wynn Macao Ltd., a Macau casino operator.
“Win Al Mazan’s total budget is about $4 billion, in this case the budget can move here and there, but there’s no real movement,” Mr Billings said during the group’s Tuesday conference call to discuss first-quarter earnings released on the same day.
“Our capital contribution is going to be $900 million, heavily dependent on our construction [project] leverage,” he added. “So we’re trying to figure that out right now. But you can figure out the debt versus equity at around 50-50 and then we’re going to be 40% of equity.”
Julie Cameron-Do, chief financial officer of Wynn Resorts, said on the call that Wynn Resorts had donated a $70 million stake in the Wynn Al Mazan project in the first three months of 2024, “to date, the total equity contribution has reached approximately $160 million.”
On Monday, Wynn Resorts said in a statement that the UAE project will be “opened to the public in early 2027.” It is being built in the Middle East of Ras Al Khaimah, which is part of the UAE.
Although a bill allowing gambling has not yet been passed by local authorities, Wynn Resorts previously explained that the plan includes gaming facilities.
In a call on Tuesday, Mr Billings said of the casino legalisation process: “We have regulatory requirements before we open. So we expect to meet regulatory requirements and get the approval we need in due course.”
Thailand’s Opportunity
The CEO also said the group is “actively considering greenfield development opportunities in New York City and potentially Thailand.”
“It’s still early days in Thailand and we haven’t seen the regulatory and licensing structure yet,” Mr Billings said.
He added, “Thailand is already a major tourist destination with significant tourism infrastructure and global service culture. So we will continue to closely monitor the development of the legalization process.”
In late March, Thai lawmakers backed a study recommending allowing casinos in large entertainment complexes proposed for Thailand.
Thailand’s finance ministry is leading the process of reviewing the possibility of legalizing casino resorts in the country, with a report likely to be submitted to the cabinet this month.
“We need to understand that the regulatory structure, licensing structure and bidding structure are all in line with other jurisdictions that are rated best in their class,” Mr Billings said of Thailand.
He said: “I think it’s going to be a competitive process … We are very confident about our capabilities
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