Wynn Resorts’ Development in the UAE and Thailand

The UAE development highlights Wynn’s expanding presence in the Middle East, while the Thai licence pursuit signals a strategic expansion into Southeast Asia, underscoring the company's global growth ambitions.

The UAE Project’s Progress

The company made an equity investment of $357 million in the Wynn Al Marjan Island venue. This contains a 40% stake in the 155-acre isle.

Key developments include:

1. Land ownership. The joint company now holds the territory for the resort and an additional 70 acres for further expansion on the island.
2. Construction progress. The complex is 90 metres high and has 15 floors, placing it as the tallest one in Ras Al Khaimah.
3. Regulatory changes. The news about the lottery approval by the GCGRA in Abu Dhabi might facilitate the introduction of a gambling venue.

Speaking about future advancement, Wynn Resorts’ CEO sees India and other Asian markets as crucial for expansion, given their significant wealth and growth potential.

The Thai Licence

Wynn wants to obtain the certificate to build a new casino in Thailand. The company’s CEO stated a goal to pursue this market, highlighting Bangkok's capacity as an ideal landscape for a new gaming facility. The future gambling venue will be split out of Wynn Resorts, a company incorporated in the US.

This decision is a result of the Thai government's publication of a framework for the legal operation of casinos.

The new regulations introduce:

• a licencing period of 30 years;
• a cap on casino floor space at 5% of all-inclusive resorts' total area;
• implementation of a Macau-style business model with government-operator collaboration.

Wynn’s CEO emphasised Thailand's appealing funding environment, citing its robust tourism sector, remarkable service standards, and competitive maintenance costs as key advantages.

Wynn’s Results for Q2 of 2024

According to the company's report, its revenue increased to $1.73 billion. Gambling profits hit $1.01 billion, bolstered by extra income from catering services, room sales and amusement offerings.

The main share of revenues generated in:

• Macau;
• Las Vegas;
• Encore Boston Harbour.

The corporation also achieved a new record level of underlying property EBITDAR in Q2.

These diverse revenue streams underline the strength and stability of the company’s global operations, with each location contributing to a robust financial picture.