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Wynn Resorts and its partners in the United Arab Emirates gained land rights on Al Marjan Island for a second integrated resort in Ras Al Khaimah. The deal also opens the door for a possible IPO of their joint venture in the future.
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The agreement with local partners RAK Hospitality Holding LLC and Al Marjan Island LLC covers multiple parcels on Al Marjan Island. The “Second Integrated Resort Plot” alone accounts for 593,870 square feet of existing land plus another 892,307 square feet planned for reclamation.
According to the pact, Wynn SPV—or an affiliate—would operate any casino developed on the new site and remain the sole casino operator for the second resort. Wynn also secured rights to management fees in addition to its 40% equity stake.
Wynn is already building a $5.1 billion integrated resort on the island, set to open in early 2027 with Ras Al Khaimah’s first casino. The development includes an exclusive 15-year renewable gaming license, and the company has projected at least $1.33 billion in annual gross gaming revenue once the property is fully operational.
Chief Executive Craig Billings highlighted the company’s ambitions in the region during an August earnings call:
“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.”
Still, Wynn’s chief communications officer Michael Weaver noted in comments to Arabian Gulf Business Insight (AGBI) that the company will wait until after the 2027 opening before making any decisions on a second resort.
The agreement also outlines several pathways for an eventual IPO of the joint venture. Options include converting it into a public joint stock company, setting up a new holding structure, or merging with another entity. Weaver stressed, however, that no decision has been made on pursuing a listing.
Industry analysts suggest any green light for a second UAE casino will take time. Wynn also faces restrictions on expanding to another Gulf Cooperation Council (GCC) jurisdiction without shareholder approval.