Wynn Completes Financing for UAE Casino Resort

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2 months ago

UAE Resort Project Secures Major Funding

A significant milestone has been reached for the Wynn Al Marjan Island resort project in the United Arab Emirates (UAE), with the securing of a US$2.4 billion construction loan. This substantial financial backing comes from a consortium of global lenders and will fuel the ongoing development of the ambitious property.

Strategic Location and Partnership

Located in the emirate of Ras Al Khaimah, approximately 50 minutes from Dubai International Airport, the resort is a joint venture with local partners Marjan LLC and RAK Hospitality Holding LLC.

Financial Structure

The loan facility, available to Wynn Al Marjan Island FZ-LLC, is structured in both United Arab Emirates dirhams and U.S. dollars. This reflects the anticipated development costs primarily being incurred in the local currency. The seven-year term loan features a competitive market interest rate and is designed as a delayed draw facility, providing financial flexibility to the project partners.

This financing represents a landmark achievement as the largest hospitality financing transaction in the history of the United Arab Emirates.

Construction Progress

Construction is reportedly progressing well. Structural concrete work has reached the 34th floor of the main resort tower, with elevator cores extending to the 36th floor. The construction team is currently completing one floor per week, with the aim of topping-off the structure in December.

Resort Features

The resort is planned to house 1,542 rooms and suites. Interior fit-out is underway in a significant number of rooms, including walls, floors, ceilings, and essential mechanical, electrical, and plumbing services.