Wynn Resorts has successfully secured a substantial $2.4 billion construction facility to fund the development of its much-anticipated Wynn Al Marjan Island, the first integrated resort to be built in the United Arab Emirates. This deal represents the largest hospitality financing transaction ever in the UAE, underscoring the scale and ambition of the project. Located in the emirate of Ras Al Khaimah, the resort is situated just under an hour’s drive from Dubai International Airport.

Flexible financing structure to support development:

The financing arrangement is structured as a seven-year loan, featuring a combination of UAE dirhams (AED) and US dollars (USD), which mirrors the primary currency used for the project’s construction expenses. A noteworthy aspect of this deal is its status as a delayed draw facility, offering significant financial flexibility to the joint venture partners behind the development. Wynn Resorts holds a 40% stake in the joint venture responsible for the project.

The funding was secured through a syndicate of global lenders, which includes a blend of renowned regional and international financial institutions. As stated in Wynn Resorts’ official press release, leading the charge are Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG, acting as joint coordinators of the financing. Additional partners in the syndicate include First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, The National Bank of Ras Al Khaimah, and Sumitomo Mitsui Banking Corporation’s Dubai branch, which took on the role of lead arranger. First Abu Dhabi Bank is also serving as the agent and security agent for the lenders involved.

The project itself, with an estimated cost of $5.1 billion, is progressing steadily. To date, 64% of the structural concrete work for the main resort tower has been completed, with construction rising up to the 34th floor and elevator cores reaching the 36th floor. The resort team is working efficiently, completing one floor per week, with plans to top off the tower by December of this year. As part of the broader development, the resort will offer 1,542 rooms and suites, 1,226 of which have already been completed, accounting for 80% of the total room count. Additionally, 1,121 rooms are currently being fitted with the necessary internal finishes, including mechanical, electrical, and plumbing services.

According to Dubai Eye 103.8, the low-rise structures are also making solid progress, with the concrete and steel elements now 70% complete. Exterior facades are beginning to take shape, and interior fit-out work is now underway. The installation of elevators and escalators is progressing throughout the property, as construction moves forward.

Luxury features and amenities await guests:

Wynn Al Marjan Island is designed to be an extraordinary luxury destination. The resort will feature a wide range of high-end amenities, including 22 restaurants, bars, and lounges, alongside a beach club and nightclub. Guests will also have access to a luxury shopping promenade, as well as a signature Wynn spa and salon. The resort’s expansive pool area, spanning 39,000 square feet, will be set adjacent to the Arabian Gulf beach. A 145,000-square-foot meetings and events center will complement the resort’s offerings, complete with outdoor event terraces and lawns.

The resort will also include a theater, which will host a new resident show created specifically for the venue. Designed to offer an immersive experience, Wynn Al Marjan Island promises to elevate the luxury resort experience in the UAE, setting a new standard for hospitality in the region.

Once complete in 2027, Wynn Al Marjan Island is expected to be a landmark in the region, drawing both leisure and business travelers to Ras Al Khaimah. The resort’s strategic location and diverse offerings make it a key player in the UAE’s burgeoning tourism industry.