Las Vegas-based gaming operator Wynn Resorts has increased the budget for its casino project in the UAE – Wynn Al Marjan Island to $5.1 billion.
The new budget is US$1.2billion higher than the previous estimate, as outlined in a presentation to investors and analysts on Tuesday.
The budget includes land, fees and capitalised interest – around $4.55bn would come from direct construction costs – and would be largely funded by $2.4bn of debt, with Wynn adding that debt raising is already oversubscribed amid “strong demand from local and international investors.”
Wynn Al Marjan Island, scheduled to open in 2027, represents a significant financial and operational undertaking for the company. Located in Ras Al Khaimah, the fourth largest of the UAE’s seven emirates, the project will span most of Marjan Island’s third section.
Source: Asia Gaming Brief
