The construction of the multi-billion dollar Wynn Al Marjan Island project in Ras Al Khaimah, set to open in 2027, is advancing swiftly, according to an announcement by US-based Wynn Resorts. The company has committed an additional $356.5 million (Dh1.31 billion) to the venture, bringing its total investment to $514.4 million (Dh1.88 billion). This recent funding, allocated for the second quarter of 2024, was mainly used to secure Wynn Resorts' share of the land acquisition, encompassing approximately 155 acres, with over 70 acres reserved for future development in Ras Al Khaimah.
Craig Billings, CEO of Wynn Resorts, highlighted the company's ongoing commitment to business expansion, noting the rapid construction progress at Wynn Al Marjan Island in the UAE. Additionally, the company completed the purchase of its proportional share of land on Al Marjan Island Three, including a substantial land reserve for potential future developments for Wynn Resorts or compatible third parties. These developments follow the release of the company's second-quarter financial results.
Al Marjan Island in the emirate has attracted significant foreign and local investments, particularly since the initiation of the Wynn Al Marjan project. As previously reported, Al Marjan Island, which will accommodate 12,000 residential units, has completely sold out. Comprising four islands with 7.8km of pristine beaches and 2.7 million sqm of reclaimed land, the site currently hosts six operational hotels, offering over 3,000 rooms.
Valued at approximately $3.9 billion, Wynn Al Marjan will mark the region's first integrated gaming resort in the Middle East and North Africa. The gaming facilities will be centrally positioned and easily accessible. Wynn Resorts estimates that its remaining 40% share of the required equity, including capitalized interest, fees, and certain enhancements, amounts to approximately $900 million. The project is slated for completion in 2027, as stated in the quarterly report.
For the second quarter of 2024, Wynn Resorts reported operating revenues of $1.73 billion, a $137.1 million increase from the previous year. Net income stood at $111.9 million, up from $105.2 million in the same period of 2023. The board of directors also declared a cash dividend of $0.25 per share, payable on August 30, 2024, to shareholders recorded as of August 19, 2024.
