Wynn Resorts CEO: UAE Expansion, “Substantial Market Opportunity”

Last November, despite its less-than-ideal Q3 earnings report, NASDAQ-listed Wynn Resorts announced it would double down on its bold expansion plan aimed at the United Arab Emirates (UAE), specifically through its Al Marjan Island project in Ras Al Khaimah. 

Then, chief executive officer Craig Billings expressed optimism regarding the project set to launch in 2027.

Now, during an interview on CNBC’s “Mad Money,” the CEO reiterated his belief that the UAE expansion represents a “substantial market opportunity” in the Middle Eastern country that could possibly rival the Las Vegas Strip’s gaming revenue.

Market Estimates Range Between $5 to $8B

In his interview with Jim Cramer, Billings argued that “several analysts have come out with gaming market estimates, ranging in the $5 to $8 billion range” for the UAE. 

“To put that in perspective, the Las Vegas Strip, a little over $6 billion,” he added. 

Other estimates suggest that, in the context of additional integrated resorts likely to follow suit, the UAE could trigger anywhere between $3 billion and $5 billion on a yearly basis. 

The numbers would turn it into a direct competitor of Singapore for the world’s third-largest casino market title, trailing only Macau and Las Vegas.

Rapid Progress at Wynn Al Marjan Island

Wynn Resorts is at the forefront of this emerging market, with its $3.9 billion Wynn Al Marjan Island steadily shaping up. 

Construction has been progressing rapidly since breaking ground last year, and the resort is set to open in early 2027.

Billings went on to say that 42 of the planned 70 hotel floors have already been completed, with crews adding a new floor each week. 

Once finished, Wynn Al Marjan Island will feature 1,500 luxury rooms, 25 restaurants, and an array of non-gaming attractions.

Rumors have also surfaced about the casino setup, with reports suggesting the resort will include both a main gaming floor accessible to all guests and a high-limit sky casino on the 22nd floor aimed at high rollers. 

While speculation about a third casino space has circulated, it seems unlikely.

First-Mover Perk 

No matter what the final layout will look like, Wynn Al Marjan Island will benefit from a major first-mover advantage in the UAE, as regulators have indicated that new casino approvals could take years.

Beyond the UAE, Wynn is working on expanding its presence worldwide. In January, the company acquired Crown London Casino from Crown Resorts, a move aimed at attracting Middle Eastern VIP players acquainted with the brand.

Billings also hinted at future projects, stating that Wynn was assessing “simultaneous” opportunities across Las Vegas, New York, where the operator is partnering with Related Companies for a downstate gaming license, and Thailand, even though no immediate plans have been set. 

Thailand, where casino legislation is gaining traction, is an “interesting” market that Wynn is currently exploring.