Published on: November 21, 2024, 02:13h.
Last updated on: November 21, 2024, 02:31h.
Wynn Resorts (NASDAQ: WYNN) announced on Thursday that its Al Marjan Island casino resort in the United Arab Emirates (UAE) is 55% complete based on structural concrete progress.
Located in Ras Al Khaimah, Wynn Al Marjan Island has completed concrete work up to the 26th floor, with walls extending to the 29th floor. The construction team is adding one floor per week, with the hotel tower’s height increasing by 100 meters in the last 100 days. The target is to complete the tower by December 2025.
The resort will feature 1,542 rooms and suites. The tower structure is finished for 1,121 guest rooms, representing 73% completion,” Wynn stated. “Around 820 rooms are currently being fitted out with walls, floors, ceilings, and various services. Elevator and escalator installations have also commenced this month.”
Over 9,100 construction workers are on-site daily, supported by more than 100 concrete trucks delivering materials to the property.
Wynn UAE Casino Progress
Positive developments at Wynn Al Marjan Island follow the recent approval of the gaming license by the General Commercial Gaming Regulatory Authority (GCGRA) in the UAE.
This marks the UAE’s first gaming license approval, suggesting a potential opening of the market. While multiple casinos are expected in the future, Wynn Al Marjan Island will hold a temporary monopoly for several years.
Wynn aligns well with UAE regulators’ vision as they prioritize integrated resort offerings over gaming. The casino space is expected to occupy just 4% of the total square footage.
“The resort will include a luxury shopping promenade, spa, salon, meetings and event center, and a theater,” the statement added.
Wynn’s Impact on UAE
The UAE is taking steps towards liberalizing its gaming industry, following recent approvals for lottery permits and casino licenses.
The UAE’s potential casino market could become the world’s fourth-largest, generating up to $5 billion in annual revenue from a limited number of venues.
Moreover, the UAE’s strategic location within reach of a large population indicates strong potential for growth in the global casino industry.