Wynn Resorts provided some update on its coming soon Al-Marjan Island’s integrated resort in the UAE during its 3rd quarter earnings conference call late Wednesday.
The UAE is Critical to Wynn’s Expansion Activities
Wynn in collaboration with RAK Hospitality Holding LLC, a local hotel developer, and the United States industry’s financial interest is anticipated to be about a third. HKS Architects has announced that it will design the Wynn assets. The Palazzo Las Vegas, Venetian Macau, and Atlantis Paradise Island with in Bahamas have all been developed by the firm.
This is especially true given that the company’s Macau operations remain active on overall performance. Wynn’s 3rd quarter results were yet another example of solid performances in Las Vegas and Boston counteract by failure in Macau.
As of now, Al-Marjan Island is the only one among the 7 emirates that allows gambling, implying Wynn’s assets may be a quasi-monopoly for certain time.
Wynn Could Open Doors to the UAE
While Wynn may be interested in a New York City casino license, the UAE remains the company’s primary focus for international expansion.
Rivals are likely to closely monitor Wynn’s progress in the UAE because the region is regarded as one of the world’s last untapped casino frontiers.
Caesars owns a high-end hotel in MGM Resorts International, and Dubai is a subsidiary of Caesars. Gaming is not currently planned for those resorts, but if Dubai changes its mind, the floodgates could open.