A multi-billion dollar gaming resort in Ras Al Khaimah is rapidly taking shape ahead of a planned 2027 opening date, with more than 80 per cent of its 1,542 rooms now built and a $2.4 billion loan secured to help finance the landmark project.
The $3.8 billion Wynn Al Marjan Island resort − which will feature suites and villas, two dozen restaurants, a spa, an event centre and a theatre − was granted a gaming licence from UAE authorities in October.
The five-star facility is operated by Wynn Resorts − which runs high-end hotel complexes in Las Vegas, Boston and the Chinese territory of Macau.
Wynn said on Thursday that the funding agreement was the “largest hospitality financing transaction” in the history of the Emirates.
A large pool of lenders includes local institutions such as Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Emirates NBD Capital Limited and the National Bank of Ras Al Khaimah, as well as a number of international banks.
Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE's gaming regulator has been set up to oversee and supervise commercial “gaming activities”. These include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts.
The use of the word “gaming” is the same language used by the equivalent authorities in the US.
Laying the groundwork
Wynn said projection construction was “proceeding well”, with almost two thirds of the structure complete.
The “topping off” – referring to the completion of the structural phase of a construction project – of the resort tower is set to be reached by the end of the year, the Las Vegas-based developer said in an update on its website.
“The construction team is completing one floor per week, working toward a topping off in December of this year. In the last 100 days, the resort tower has grown approximately 140 feet (42m),” said the company.
Gaming licence
The gaming licence was issued by the UAE's General Commercial Gaming Regulatory Authority.
“The licence award follows a diligent and extensive review by the GCGRA,” Wynn said last October.
“Wynn Resorts thanks the GCGRA for the confidence and trust the licence grant signifies and is proud to be the recipient of the first commercial gaming facility licence in the UAE.”
The GCGRA also issued a licence for the country's first regulated national lottery in July.
The Lucky Day Lottery – operated by the Game LLC – held its inaugural draw on December 14. It offers a Dh100m ($27.2 million) jackpot prize.
