Wynn Resorts has successfully secured a $2.4 billion construction loan to fund the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates. In a statement, the company hailed the deal as a “landmark transaction,” marking the largest hospitality financing agreement in UAE history.
The loan, which was arranged through a global syndicate of lenders, comes with a seven-year term at a competitive market interest rate. Structured as a delayed draw facility, it provides financial flexibility to the joint venture partners, according to Wynn.
The financing is directed to Wynn Al Marjan Island FZ-LLC, a joint venture subsidiary in which Wynn Resorts holds a 40% stake. The loan is denominated in both AED and USD to align with the anticipated development expenditures.
A diverse group of international and regional financial institutions participated in the loan. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG served as Joint Coordinators. First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners, and Underwriters; while Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai, was appointed Lead Arranger. First Abu Dhabi Bank PJSC also took on the role of Agent and Security Agent for the lenders.
Wynn said the construction on the project is progressing rapidly, with 64% of the structural concrete work completed up to the 34th floor of the resort’s main tower. The team is on track to complete one floor per week, with the tower expected to be topped off by December 2025.
The resort will feature 1,542 rooms, with 1,226 rooms already completed, representing 80% of the tower’s total guest rooms. Additionally, 20% of the exterior window panels have been installed, and fit-out work is ongoing across more than 1,100 rooms.
The low-rise portion of the resort is 70% complete, with structural work nearly finished. Installation of elevators, escalators, and interior fit-out is also underway.
Wynn Al Marjan Island, developed in partnership with Marjan and RAK Hospitality Holding, will feature 22 restaurants, lounges, and bars, a nightclub, a beach club, a luxury shopping promenade, and a signature Wynn spa and salon.
Guests will also enjoy a 39,000-square-foot pool area, alongside a 145,000-square-foot meetings and events center with outdoor terraces and lawns. A new resident show and theater are also being developed specifically for the resort.
Wynn is currently the only operator with a casino license in the UAE, granted by the General Commercial Gaming Regulatory Authority (GCGRA) in October.
Other licenses issued include one for The Game to operate the UAE’s national lottery and several supplier licenses for gaming machines and technology.
MGM Resorts has also shown interest in launching in the UAE, with CEO Bill Hornbuckle confirming plans for an Abu Dhabi resort and a pending license application.
However, GCGRA chairman Jim Murren stated in November that the regulator is focused on existing licensees and will take its time with resort licensing.
Original article: https://www.yogonet.com/international/news/2025/02/07/94402-wynn-resorts-secures-24-billion-financing-for-uae-resort
