International casino developer Wynn Resorts Ltd says its ongoing development of the Wynn Al Marjan Island casino resort in Ras Al Khaimah, in the United Arab Emirates (UAE), will include elements catering to the local market.
“The [UAE] project is about 5 million square feet [464,515 sq. metres], 1,500 rooms, 25 food or more restaurants, an ample gaming floor and then a production show that actually we’re creating from scratch,” stated the group’s chief executive, Craig Billings (pictured in a file photo).
“Several analysts have come out with gaming market estimates [for the UAE market], ranging in the US$5 billion to US$8 billion range. To put that in perspective, the Las Vegas Strip is a little over US$6 billion. So, that’s a substantial market opportunity,” said the CEO.
He added: “So, we’re really focused on the wealth, affluence and population in that market.”
Mr Billings was speaking in an interview with Jim Cramer, host of the ‘Mad Money’ programme on the CNBC media platform.
The executive said construction of the UAE project – a venue currently forecast by the promoters to open in 2027 – had reached the “42nd floor” of the hotel.
Wynn Resorts’ local partners for Wynn Al Marjan Island are Marjan LLC and RAK Hospitality Holding LLC. The U.S.-based gaming operator – the parent of Macau casino concessionaire Wynn Macau Ltd – has a 40-percent stake in the project.
In an October update, Wynn Resorts said it would have an exclusive, renewable 15-year casino licence for Ras Al Khaimah, and that the property could generate a minimum of US$1.33 billion annually in gross gaming revenue (GGR).
The casino resort site is located 50 minutes from Dubai International Airport.
Mr Billings also spoke in the interview about a recent announcement concerning the United Kingdom. He stated that the plan to acquire Crown London (Aspinalls), a small, members-only casino in the heart of London’s upscale Mayfair district, in the U.K. capital, was a “strategic” acquisition for the Wynn brand.
In January, Wynn Resorts announced that it would acquire the London venue from Australian casino firm Crown Resorts Ltd. The deal is expected to close in the second half of 2025.
“It was a small acquisition in dollar terms, but a big acquisition in strategic terms, because not only did we buy a database of customers that are from that region, but many customers that we will interact with in the UAE spend time in London every year,” observed Mr Billings.
“So, that’s a real opportunity to continue to delight them and build the relationship,” he added.
The CEO said the UAE was a “stable” market for investors, and that Wynn “would be the only operator there for a significant amount of time”. “There’s 10 million people […] 80 percent of them are expats … There are over 80 million airlifts at the airport in Dubai, 45 to 50 minutes from our property. That is very significant airlift,” added Mr Billings.
