Wynn Resorts, Limited has issued an update on the progress of its Wynn Al Marjan Island resort development in Ras Al Khaimah, UAE. Despite the challenging circumstances, the company has managed to resume project construction following a brief pause. This has been made possible by taking steps to ensure the safety and security of all employees working on site.
The Wynn Design and Development team, responsible for overseeing the construction, architecture, and design of the project, along with the resort executive team leading operational strategy and planning, have been able to continue their work in a consistent manner. The company has also offered its employees the opportunity to work from abroad if recommended by their home embassy.
It's worth noting that for broad segments of the local population, business continues to follow normal patterns. Despite the ongoing situation, the company expresses confidence in the UAE's ability to keep its population safe.
As the situation continues to evolve, Wynn Resorts is closely monitoring any additional impacts on the project, with a commitment to assessing them in due course. The company has acknowledged and expressed appreciation for the remarkable commitment and professionalism shown by its employees and the construction teams in the UAE during this extraordinary time. The market has reacted to these announcements by moving the company's shares -2.59% to a price of $114.33. Check out the company's full 8-K submission here.
