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There is exciting news for online baccarat players seeking to play in a more exotic location. Wynn Resorts has released its financial outlook for the upcoming Wynn Al Marjan Island resort in Ras Al Khaimah, forecasting gross gaming revenue of up to $1.66 billion.
The Las Vegas-based casino operator revealed its predictions for operating revenue and adjusted property EBITDA during an analyst and investor update held earlier this month that focused on the resort’s development in the United Arab Emirates (UAE).
CEO Craig Billings, along with other members of Wynn Resorts’ global leadership team, gave presentations at the invitation-only gathering. This meeting came after an announcement that Wynn Resorts has received a Commercial Gaming Facility Operator license from the General Commercial Gaming Regulatory Authority (GCGRA) for its UAE-based project.
Construction Progressing According to Schedule
Over the past year, Wynn Resorts has been working on the development and construction of the Wynn Al Marjan Island resort as part of a joint venture involving affiliates of Wynn Resorts, Marjan, and RAK Hospitality Holding. During the investor update, the company stated that it expects the resort to generate strong revenue from both gaming and non-gaming operations.
The projections are based on the assumption that the UAE market will be worth between $3 billion and $5 billion. With two competitive integrated resorts operating in the country, Wynn anticipates capturing a 33% market share, with a “Wynn Premium” translating to 1.2 times the GGR fair share based on 11,000 available positions in the market.
From a regulatory standpoint, Wynn Resorts said that the UAE will implement a blended tax rate of 10% to 12%. Each Emirate can issue only one land-based license, which will be valid for 15 years and subject to renewal.
Wynn Resorts is optimistic about the demand for its offerings, which is expected to drive “strong non-gaming revenues”, boosted by nearby resorts. Overall, the operator forecasts GGR ranging from $1 billion to $1.66 billion, with a base estimate of $1.33 billion. The revenue split is projected to be 37% from international VVIPs, 29% from international tourism, and 34% from domestic clientele.
Project Given Budget of $5.1 Billion
For operating revenue, Wynn expects a range between $1.375 billion and $1.875 billion, with a base figure of $1.625 billion. Adjusted property EBITDA is forecasted to be between $500 million and $800 million, with a base of $625 million. The EBITDA margin is anticipated to range from 36% to 43%, with a base of 38%.
The adjusted property EBITDA is estimated to fall between $390 million and $570 million, with a base of $465 million and free cash flow projections range from $170 million to $350 million, with a base estimate of $245 million.
The total budget for the project stands at $5.1 billion, covering land, fees, and capitalised interest. Wynn Resorts plans to contribute $1.1 billion in equity, with around $900 million remaining to be spent. The company said that it is progressing well in its goal to raise $2.4 billion in debt, with the funding oversubscribed due to interest from both local and international lenders. The debt raise is targeted for completion by the end of the year.
Wynn Resorts also confirmed that the project remains on track for a launch in the first quarter of 2027. It is set to include a hotel with 1,542 rooms and suits, exclusive marina-side Villa Estates, a 3.6 hectare pool-scape, luxury shopping, a five-star spa, 24 restaurants and lounges, nightlife venues, a number of entertainment choices including a theater, a gaming area, and a state-of-the-art events center.
The resort is located 15 minutes from Ras Al Khaimah International Airport and 45 minutes from Dubai International Airport. It is about 65 miles from Dubai, the UAE’s largest city.
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