Leisure & Hospitality Wynn Resorts secures loan for RAK casino By Neil Halligan February 7, 2025, 4:25 PM Wynn Resorts The Wynn Resorts casino and 1,542-room hotel tower will be 300 metres tall when completed $2.4bn seven-year loan 80% of rooms built 2027 opening slated The Wynn Resorts joint venture behind the Gulf’s first casino in Ras Al Khaimah has secured a $2.4 billion loan to finance its development. The Wynn Al Marjan Island JV — which includes RAK Hospitality Holding and Las Vegas’ Wynn Resorts — secured the seven-year loan facility, denominated in a combination of AED and USD currencies, from a syndicate of local and international lenders. Wynn has a 40 percent stake in the venture, and claimed the loan is the UAE’s largest-ever hospitality financing transaction. Provided “at a competitive market interest rate”, it was funded by a combination of Abu Dhabi Commercial Bank, Deutsche Bank, First Abu Dhabi Bank, Emirates NBD Capital and The National Bank of Ras Al Khaimah. ADCB and Deutsche Bank were joint coordinators of the financing, while Sumitomo Mitsui Banking (Dubai) was the lead arranger. The $4 billion project will have 1,542 rooms and suites. Wynn said 1,226 rooms in the resort – 80 percent – have been built. RAK Properties sets vision for Ras Al Khaimah development Ras Al Khaimah tourism revenue up 12% in 2024 Opportunity knocks in Ras Al Khaimah’s beaches and mountains The structural concrete is completed up to the 34th floor of the main resort tower, with the elevator cores built to the 36th floor. The tower, when completed, will be more than 300 metres tall. Wynn said one floor is being added per week, working towards a topping off in December of this year. The concrete and steel structures in the low-rise portion of the building are 70 percent complete. More than 20 percent of the exterior window glazing, which will have 13,734 panels, is completed. The resort is due to open in the first quarter of 2027. In August, the venture partners acquired an additional 70 acres of land on the island where the resort is being built for future development, in keeping with Wynn’s proven strategy of land banking. It also registered trademarks for ‘Encore Marjan’ and ‘Encore Al Marjan’ in 2022.
