Wynn Resorts has pushed the opening of Wynn Al Marjan Island in the UAE to September 2027 and raised the project budget by approximately $600 million. CEO Craig Billings disclosed the update on the second-quarter earnings call.
Regional conflict accounts for roughly half the overrun. Material and shipping costs rose, forcing the company to reroute supply chains and source new vendors. The rest stems from design recalculations, contractor coordination and other expenses tied to the scale and duration of construction. Movement of staff and consultants was also disrupted.
Construction is proceeding: interior fit-out of rooms, installation of building systems and finishing work are under way. The company hired 57 people in the second quarter, bringing total headcount to 425. Senior leadership for gaming and non-gaming operations is in place.
Billings said Wynn assessed the region's geopolitical risks from the start and counted on the UAE's ability to manage them. Logistics and daily activity in the country have returned to normal, he added. 'We are building on schedule and looking forward to opening.'
Wynn contributed $48.1 million to the project in the second quarter, bringing its cumulative investment to around $1.06 billion. Roughly $1.4 billion has been drawn from the credit facility. The $600 million increase means an additional $240 million in equity from Wynn, which holds a 40% stake. Remaining capital required for Wynn Al Marjan Island and the adjacent Janu project is estimated at $525 million to $650 million.
The resort will open all at once, not in phases — the company's standard approach. September was chosen to coincide with the start of high season in the UAE. Billings expects demand to exceed supply; the question is which geographies will drive it. Under the base case, the project should deliver around $345 million to Wynn: 40% of adjusted property EBITDAR plus management and licence fees.
