The European Commission has decided to delay the introduction of the Entry/Exit System (EES), the bloc's automated registry for short-stay travellers that was expected to come into force on 10 November.
Wynn Resorts’ New Financial Forecasts For Its UAE Project: 5 Takeaways
09.10.2024 - 10:47 / skift.com / Wynn Al-Marjan / Ras Al-Khaimah / Craig Billings / Wynn Resorts / Marjan Island / Josh Corder
Wynn Resorts has upped its budget, financial projections, and ambitions for its casino project in the UAE, according to a presentation it gave to investors and analysts Tuesday.
Wynn Al Marjan Island is scheduled to open in 2027, now with a $5.1 billion price tag, $1.2 billion more than previously planned.
The large-scale resort will be in Ras Al Khaimah (RAK), the fourth largest of the seven UAE emirates. Wynn now says it will develop almost all of Ras Al Khaimah’s third Marjan Island – Island 3.
Wynn secured the the country’s first casino license last Friday and Skift reported on the prospects for gaming in the UAE.
Skift received confirmation Tuesday from the General Commercial Gaming Regulatory Authority (GCGRA) that Wynn does have its gaming license secured.
The authority said: “The General Commercial Gaming Regulatory Authority (GCGRA) can confirm that a Commercial Gaming Facility Operator license has been awarded to Island 3 AMI FZ-LLC, a joint venture that includes Wynn Resorts.”
The Wynn presentation included 99 slides – here are five key takeaways:
We now know that the joint venture Island, 3 AMI FZ-LLC, which includes Wynn Resorts in the UAE, owns a quarter of Marjan Island. Island 3 AMI FZ-LLC is made up of RAK Hospitality Holding LLC, Marjan and Wynn Resorts.
Marjan Island is split into four separate islands, and Island 3 AMI owns almost all of the third island, with the ability to develop on top of it – the company has 155 acres to build on. The budget for the project is $5.1 billion.
Wynn Resorts’ rooms have always been pricey, but the Marjan Island project is eyeing a particularly deep-pocketed set of customers.
The presentation points out how 9.7 million high-net-worth individuals live in the UAE – nearly 20% of the world’s millionaires.
Wynn expects 37% of its gross gaming revenues to come from “international VVIPs” – which it defines as ultra-high net-worth international customers. 29% will then come from otherinternational travelers.
The remaining 34% will come from the domestic market, with Wynn pointing out that nine million non-Emiratis live in the country and Wynn can “capture untapped domestic gaming demand.”
The UAE is yet to publish its federal law for gaming, but there are rules for advertising gaming: National symbols and national dress will be strictly prohibited in materials, suggesting further that casinos will be for expats.
For a while, the assumption was that Indian travelers would be important customers for the resort. “There’s a lot of folks there. There’s a lot of wealth in India, and that’s going to be an important market,” Wynn Resorts CEO Craig Billings said during the latest earnings call.
The presentation now shows us Wynn’s “core markets” in the UAE:
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