Second casino in UAE not on cards, says Wynn’s CEO

Reuters/Mike Blake

• No indications of a rival
• Wynn Resorts ‘has healthy lead’
• Operating revenues flat

A second casino in the UAE is unlikely for quite some time, according to the man whose company is building the first gaming outlet in the Gulf.

Wynn Resorts of Las Vegas last year won a licence to build and operate a casino in the UAE emirate of Ras Al Khaimah.

Wynn CEO Craig Billings, speaking during the company’s fourth-quarter earnings call, said there were no indications that any competitor was in the running for a second licence from the UAE’s General Commercial Gaming Regulatory Authority. 

“As we keep our ear to the ground with respect to what’s going on, we don’t believe that there is even a deal’s drop, frankly, for a second licence,” Billings said. “It could be wrong but we have pretty good intelligence.”

The Wynn Al Marjan Island resort and casino project is a joint venture between Wynn Resorts and RAK Hospitality Holding. Its doors are due to open in two years.

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Since it takes at least four years to build and design an integrated resort, Wynn has a “very healthy lead” in the UAE, Billings said during last week’s call.

In January, Wynn announced the purchase of Crown London (Aspinalls) in Mayfair, in the British capital, a members-only gaming and dining venue that will be used to entice patrons to the UAE casino when it opens, Billings said.

“This small but strategic asset provides a presence in central London where many of our future Wynn Al Marjan customers spend a meaningful amount of time,” he said.

There is additional scope to market Marjan through similar Wynn deals in other global cities, Billings said, without being more specific.

Earlier this month, Wynn secured a $2.4 billion loan to finance the development of Marjan. In the fourth quarter, the company contributed $99 million of equity to the project, bringing its total equity contribution to date to $631.7 million.

Julie Cameron-Doe, Wynn’s chief financial officer, estimated on the call that the remaining 40 percent of the company’s required equity in the project stands at between $700 million and $775 million.

Operating revenues were $1.84 billion for the fourth quarter of 2024, identical to the fourth quarter of 2023. Net income for the year was $501.1 million, down 31 percent from $730 million for the year ending December 31, 2023. The company’s shares are up 16 percent in the past week.