Wynn Resorts said this morning it expects to contribute around US$900 million to the development cost of its Wynn Al Marjan Island integrated resort project in the United Arab Emirates, aided by the redeployment of capital previously planned for an expansion of the company’s Encore Boston Harbor property.
It also revealed that total development cost of Wynn Al Marjan Island has grown to US$4 billion, up slightly from the US$3.9 billion cost previously touted.
A day after issuing new renderings of its UAE property, due to be topped off by 4Q25 and opened in early 2027, Wynn Resorts CEO Craig Billings was asked about latest cost projections during the company’s 1Q24 earnings call.
Noting that “budgets move here and there” and describing the cost increase to US$4 billion as not substantial, Billings explained, “Our capital contribution will be, round numbers, call it US$900 million although that heavily depends on the construction leverage and we’re in the midst of figuring that out now.
“But you can figure something like 50/50 debt to equity, and then we would be 40% of the equity.”
Billings also provided some color on Wynn’s interest in Thailand, expressing his confidence that the regulatory environment in the Southeast Asian nation will be strong enough to warrant the company’s interest.
“It’s very, very early,” he said. “First thing’s first, we need to understand that the regulatory structure, the licensing structure, the bidding structure are all going to be consistent with other jurisdictions that are considered best in class.
“I personally think they will be based on the information that we have to date, but that’s really a condition precedent to any further involvement.
“It’s an interesting market – lots of great infrastructure, a very strong tourism sector today – and I think it will be a competitive process. I think in any market like Thailand that has those dynamics, I think you’re going to find a lot of folks that are interested in being there and we are very confident in our capabilities given the strength of our portfolio as it exists today and the talent that we have in this business.”
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