Wynn Resorts has announced the completion of a $2.4 billion construction loan facility to fund the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates. In a statement, it described the deal as a “landmark transaction” by the company, representing the largest hospitality financing agreement in UAE history.
The loan facility, secured through a global syndicate of lenders, has a seven-year term “at a competitive market interest rate” and is structured as a delayed draw facility. Wynn Resorts stated that this arrangement “provides financial flexibility to the joint venture partners.” The financing is provided to Wynn Al Marjan Island FZ-LLC, a joint venture subsidiary in which Wynn holds a 40 percent stake. The loan is denominated in both AED and USD to align with the expected development expenditures.
Wynn Resorts shared that a mix of international and regional financial institutions participated in the deal. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as Joint Coordinators. First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah served as Initial Mandated Lead Arrangers, Bookrunners, and Underwriters. Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai, acted as Lead Arranger, while First Abu Dhabi Bank PJSC was appointed Agent and Security Agent for the lenders.
In the statement, the Nasdaq-listed company also shared that construction of Wynn Al Marjan Island is well underway, with 64 percent of the structural concrete completed, reaching the 34th floor of the main resort tower. The elevator cores have been built up to the 36th floor. The company said the construction team is progressing at a pace of one floor per week, with the project expected to top off in December 2025.
The resort will feature 1,542 rooms and suites, with 80 percent of the guest rooms completed. The exterior façade window glazing has reached 20 percent completion, while fit-out work, including mechanical, electrical, and plumbing services, is progressing in approximately 1,121 rooms.
The resort, set to open in 2027, is located in Ras Al Khaimah, 50 minutes from Dubai International Airport. It will feature 22 restaurants, lounges, bars, nightclub, and beach club. A 145,000-square-foot meetings and events centre will include outdoor terraces and lawns. The development will include a luxury shopping promenade, a signature Wynn spa and salon, and a 39,000-square-foot poolscape adjacent to the beach.
Wynn Resorts is developing the project in partnership with Marjan and RAK Hospitality Holding. Overlooking the Arabian Gulf and the Hajar Mountains, the resort is expected to elevate Ras Al Khaimah as a global tourism and entertainment destination. Some analysts believe that Wynn Al Marjan Island could position Ras Al Khaimah as the fourth major gaming market worldwide.
The total project cost is estimated at $5.1 billion. Wynn Resorts remains committed to delivering a world-class experience, with Wynn Design and Development overseeing the resort’s design and construction.
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