Wynn Entertainment Contemplates a Second Resort and Potential Initial Public Offering in Ras Al Khaimah

In the vibrant city of Ras Al Khaimah, Wynn Resorts has set its sights on expanding its presence with a potential second property. The company has earmarked land next to its ongoing integrated resort project, Wynn Al Marjan Island, for this purpose.

According to documents from Arabian Gulf Business Insight, Wynn Resorts has plans for a second casino operation, which includes a "second integrated resort plot" covering approximately 1.5 million square feet. If developed, Wynn or its affiliates would hold sole operator rights for this project.

The focus, however, remains on the flagship resort, Wynn Al Marjan Island, which is currently under construction on 155 acres of land and is scheduled to debut in 2027. The resort will introduce 1,500 rooms, suites, and villas, along with 24 restaurants and lounges, luxury retail, wellness facilities, a theater with a custom production show, and a large events center. The UAE's first casino will serve as the anchor feature, aiming to draw visitors from across the region and beyond.

The shareholders' agreement dated June 2024 points to this additional "second integrated resort plot" within a wider masterplan for the site. However, no decisions have been made about the use of the land for the second property until after the first integrated resort opens in 2027.

The agreement also includes a clause that prevents Wynn or any of its affiliates from opening a Wynn-branded casino or a residential or hotel property in the vicinity of the new integrated resort for a decade after the opening, unless they receive approval from other shareholders.

Regarding the public listing, options are being explored, including transforming the joint venture into a public joint stock company, creating a new holding structure, or merging with infrastructure affiliates. However, nothing has been finalized in this regard.

Michael Weaver, the chief communications officer of Wynn, has been the spokesperson for these developments. The agreement also mentions the possibility of a public listing for Wynn's UAE-based operations.

If a casino were to be built on this site, it would span nearly 1.5 million square feet, with 892,306 square feet of land that would need to be reclaimed. The exact plans for this second property are yet to be revealed, but the potential for further growth in Ras Al Khaimah is undoubtedly exciting.

Wynn Entertainment Contemplates a Second Resort and Potential Initial Public Offering in Ras Al Khaimah