Wynn Resorts and its partners in Ras Al Khaimah are preparing for broader development beyond their flagship project, with a shareholders’ agreement revealing that land has been earmarked for a second integrated resort. The document, dated June 21, 2024, and filed with the U.S. Securities and Exchange Commission earlier this year, was signed by Wynn Resorts, RAK Hospitality Holding, and Al Marjan Island LLC.

Second Resort Site Identified on Al Marjan Island

The flagship Wynn Al Marjan Island property, now under construction, is expected to open in 2027 as the Gulf’s first legal casino. Alongside this project, the agreement lists several additional sites on Al Marjan Island, including the “Second Integrated Resort Plot,” a “Janu Plot,” a “Luxury Hotel and Apartments Plot,” and a broader “Land Bank.”

The second resort site alone covers 593,870 square feet of existing land, with a further 892,306 square feet to be reclaimed from the sea, nearly 1.5 million square feet in total. If a casino is built, the agreement specifies that Wynn or one of its affiliates would hold sole operator rights.

Wynn’s Chief Communications Officer Michael Weaver told Arabian Gulf Business Insight that “no decisions would be made on plans for the second plot until after the opening of its first property in 2027.”

The Janu plot measures about 542,680 square feet and could reference the Janu brand, a luxury hotel chain linked to Aman Group. Aman’s sister brand is partly backed by Abu Dhabi sovereign wealth fund Mubadala, though no official use has been confirmed. Meanwhile, the Luxury Hotel and Apartments site consists of 439,190 square feet of existing land and 254,653 square feet of reclaimed land.

Craig Billings, Wynn Resorts’ CEO, reiterated during the company’s August 8, 2025 earnings call that the UAE development remains the group’s main priority. He said construction on Al Marjan Island was moving forward, noting, “Don’t forget we have a whole land bank there. And you shouldn’t be surprised over the course of the next year or so to hear us talk about using portions of that land bank.”

By that point, the Wynn Al Marjan Island tower had already reached the 61st floor, and Billings said topping out would occur before the year’s end.

Project Financing and Market Projections

Wynn Resorts holds a 40 percent equity stake in the Ras Al Khaimah venture and has secured a $2.4 billion construction facility to finance development. The group also expects to receive a management fee for operations. The project carries an exclusive 15-year renewable casino license for the emirate.

Company forecasts estimate that the Wynn Al Marjan Island property could generate annual gross gaming revenue between $1 billion and $1.67 billion, with overall operating revenues expected in the range of $1.38 billion to $1.88 billion. Roughly 37 percent of gross gaming revenue is projected to come from international VIP players, leveraging Wynn’s global database of high-net-worth clientele.

Wynn believes the broader UAE market could reach between $3 billion and $5 billion annually, equivalent to around 1 percent of the nation’s GDP. Analysts have provided even higher estimates, with Bloomberg Intelligence predicting $6.6 billion and CBRE suggesting as much as $8.5 billion.

IPO Options and Expansion Safeguards

The shareholders’ agreement also sets out a framework for a potential public listing. Options include converting the joint venture into a public joint stock company, introducing a new holding structure, or merging with related infrastructure entities. Weaver emphasized that “no decision on an IPO has been made.”

To safeguard the joint venture, Wynn agreed to a non-compete clause. For ten years after the launch of Wynn Al Marjan Island, the company and its affiliates cannot open another Wynn-branded hotel, casino, or residential project in the Gulf Cooperation Council states without approval from its partners.

Weaver added: “There is a significant opportunity in Ras Al Khaimah to power the company’s growth in that region and the non-compete will not impede the company’s growth globally.”

Wynn has also signaled longer-term ambitions through trademark registrations, including “Marjan Strip,” “Arabian Strip,” and “Encore Marjan Island,” echoing its well-known Las Vegas and Macau properties.