Ras Al Khaimah: Wynn Al Marjan To Support Strong Long-Term Free Cash Flow, Says CEO

Wynn Al Marjan, the first integrated resort in the Middle East being built in Ras Al Khaimah, will support strong long-term free cash flow growth for the US company Wynn Resorts, its chief executive said.

Craig S Billings said in the company's annual report that they have deployed a“creative team at Wynn Design and Development in full force, with a particular focus on Wynn Al Marjan Island.”

“We made solid progress on Wynn Al Marjan Island in 2024 and expect to top off construction at the end of this year. We have a strong and experienced management team on the ground. We remain confident in the attractiveness and significance of the value creation opportunity it represents. We believe it will be a 'must see' tourism destination in the UAE and will support strong long-term free cash flow growth for our company,” Billings said.

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The launch of Wynn Al Marjan has boosted Ras Al Khaimah's travel, tourism, and hospitality sectors , putting the northern emirate on the global map and attracting more tourists.

According to Cavendish Maxwell, Ras Al Khaimah recorded a remarkable 14 per cent year-on-year average daily rate increase in 2024.

Wynn Al Marjan, which will cost $3.9 billion to build, is scheduled for completion in 2027. It is a joint venture between Wynn Resorts, Marjan, and RAK Hospitality Holding.

It will feature an over 1,500-room hotel, villas, a shopping mall, a meeting and convention facility, a spa, more than 20 restaurants and lounges, 225,000 square feet of gaming area, a wide array of entertainment choices including a nightclub and a beach club, and other amenities.

Wynn Resorts owns 40 per cent of the planned integrated resort coming up in Ras Al Khaimah.

The company revealed in its annual report that the project is now reaching the 38th floor of the hotel tower, with one floor being added a week.

In 2024, the company said it invested $557.3 million, including $541.7 million in cash contributions, in the joint venture constructing Wynn Al Marjan Island and received $850 million in proceeds upon the maturity of its investments.

It estimated its remaining 40 per cent pro-rata share of the required equity for the construction of Wynn Al Marjan Island is between $700 million and $775 million inclusive of capitalised interest, fees, and certain improvements on the Island.

In January 2025, the US-based Wynn Resorts announced that it would acquire Crown London (Aspinalls), a small members-only casino in London's upscale Mayfair district.

Craig Billings hopes that this acquisition“will support Wynn Al Marjan Island resort” as the company will be able to target high net-worth individuals in the two countries.

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