Wynn Resorts, Limited has achieved a significant milestone in the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates, by securing a $2.4 billion construction facility with a global syndicate of lenders. This marks the largest hospitality financing transaction in the history of the United Arab Emirates.
Construction progress at the resort is notable, with 64% of the structural concrete completed up to the 34th floor of the main resort tower, and elevator cores extending to the 36th floor. The construction team is accomplishing one floor per week and aims for a topping off in December of this year.
The resort will offer 1,542 rooms and well-appointed suites, and as of now, 1,226 guest rooms in the tower structure have been completed, representing 80% of the total. The exterior façade window glazing is also progressing, with 2,840 of 13,734 panels completed, which is more than 20% of the total.
Furthermore, the low-rise portion of the building has seen significant progress, with the concrete and steel structures 70% complete. Work on exterior facades and interior fit-out has commenced, and elevator and escalator installation across the property is also progressing.
The resort will feature twenty-two restaurants, lounges, and bars, as well as a nightclub and beach club. Guests will be able to enjoy a luxury shopping promenade and a signature Wynn spa and salon. Additionally, there will be an extensive 39,000 square foot poolscape adjacent to the beach, and a 145,000 square-foot meetings and events center, which will include outdoor event terraces and lawns. A theater and a new resident show are being created specifically for Marjan Island.
Wynn Resorts is developing this project in partnership with Marjan and RAK Hospitality Holding, with a target opening date set for 2027. Wynn Al Marjan Island is expected to bring a new level of luxury to the region, offering a range of amenities and services to its guests. As a result of these announcements, the company's shares have moved 1.8% on the market, and are now trading at a price of $82.12. For more information, read the company's full 8-K submission here.
