Wynn bets on billions and monopoly from Al-Marjan resort
Wynn Resorts anticipates its Wynn Al Marjan development in Ras Al Khaimah to be the sole casino in the United Arab Emirates for several years after opening in 2027, a position that would give it a monopoly in a market analysts value at up to $8 billion annually.
Speaking during the company’s second-quarter earnings call, Chief Executive Officer Craig Billings stated that the project had been modeled on the assumption of multiple competitors in the country.
The Las Vegas-based group is building Wynn Al Marjan under a 15-year exclusive casino licence, the UAE’s first, granted in October 2024. The licence covers a large-scale integrated resort on Al Marjan Island, a man-made development in the northern emirate of Ras Al Khaimah. The company believes the UAE’s casino market could generate $5 billion in annual revenue, with some analysts suggesting it could reach $8 billion.
More land for future projects
Billings also hinted at further expansion in Ras Al Khaimah. Reportedly, Wynn already acquired an additional 70 acres of land next to its resort site in 2024, creating what he described as a “whole land bank” for potential future developments.
“It looks like we’re going to be the only one for quite some time,”
~ Craig Billings, CEO, Wynn Resorts
Till now, no other casino licences have been issued in the UAE, however, rival US operator MGM Resorts International has previously expressed interest in gaming expansion in Dubai. Its $2.5 billion beachfront project near Jumeirah Beach is already under development, but it has not received regulatory approval for gaming.
Wynn also plans to showcase the progress of the Wynn Al Marjan project later this year by hosting an investor day in the UAE. Billings said the event would be aimed at “educating people on what the opportunity is” and maximising early earnings once the resort opens. Construction has reached the 60th floor, with the tower expected to be topped out by the end of 2025. The company says nightlife partnerships are already in place ahead of opening.
Earnings miss expectations
This update on Wynn Al Marjan came alongside Wynn Resorts’ second-quarter 2025 results. The company reported operating revenue of $1.74 billion in line with analyst forecasts. However, earnings per share (EPS) came in at $1.09, falling short of the projected $1.20, a negative surprise of 9.17 percent. Net income also dropped to $66 million from $111 million in the same period last year.
Hopes pinned on UAE expansion
Following the earnings release, Wynn’s share price saw little reaction, edging up 0.02 percent in after-hours trading to $107.23. The company’s shares are up 24 percent so far in 2025. Wynn also declared a dividend of $0.25 per share and repurchased about 2 million shares for $158 million during the quarter.
Billings described Wynn Al Marjan as “the most compelling development opportunity in the industry” and reaffirmed the 2027 opening date. With no immediate competition in sight, Wynn wants to capitalise on the Gulf’s first casino market from day one.
