Wynn Resorts has raised $2.4 billion to fund the ongoing construction of Wynn Al Marjan Island in the United Arab Emirates.
The $2.4 billion loan facility from a syndicate of lenders to Wynn Al Marjan Island FZ-LLC has a term of seven years and is structured as a delayed draw facility, providing financial flexibility to the joint venture partners.
Wynn Al Marjan Island FZ-LLC is a subsidiary of the joint venture between Wynn Resorts and RAK Hospitality Holding, in which Wynn holds a 40 per cent stake.
Construction of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates, is well underway and is expected to be topped off in December.
Once complete, the new resort will offer 1,542 rooms and suites and 22 restaurants, lounges and bars, as well as an extensive gaming floor and host of other amenities.
Wynn Al Marjan was awarded the UAE’s first casino license in October 2024 and is expected to open in the first quarter of 2027.
Shares in Wynn Resorts Ltd. (NYSE:WYNN) closed 1.24 per cent lower at $80.65 per share in New York Thursday, and were up 0.37 per cent in pre-market at $80.95 per share.