Wynn Holds September 2027 for UAE Casino, Weighs War-Shaped Opening

Wynn Resorts has kept September 2027 as the opening date for its $5.7 billion Wynn Al Marjan Island resort in Ras Al Khaimah — the UAE's first integrated gaming resort — but will not decide until around February how it actually opens, CEO Craig Billings said on the company's third-quarter earnings call Thursday.

"We will make a decision about the format in which we open. And we'll probably make that decision around February," Billings said.

The delay marks a shift in tone. In August, Billings rejected a staggered rollout outright. "We generally don't do phased openings," he said at the time. "We would open the doors and open all the amenities exactly as we would any other particular opening." Now he says the mix of source markets Wynn wants "does impact how we open," adding that the company has "the playbooks for every single iteration of that today."

What does the war change for the demand mix?

Billings laid out three demand scenarios tied to the course of the U.S.-Iran war:

• If conflict continues, the resort leans on people already living in the UAE.
• If it moderates, the catchment widens to the surrounding region.
• If it resolves, Wynn's original demand thesis applies.

That original 2024 thesis skewed heavily international: 37% of gaming revenue was projected to come from international high rollers, with another 29% from other international travelers. Billings now frames the UAE's wealthy, largely expatriate population as the base business that is "easiest to address," and named Western Europeans as the traveler group most likely to stay away from the region.

What does it change for the budget?

The $5.7 billion figure already includes an increase of roughly $600 million announced in August. About half of that increase ties directly to the war — shipping costs, insurance, and rerouted materials. Billings said the conflict has also delayed some neighboring hotel development around the island.

Construction handover of finished zones to operations begins in early January and runs through July. Rooms go on sale "quite soon," according to Billings.

Who pays for the build?

Wynn has contributed more than $1.12 billion in cash to the joint venture that owns the project, in which Wynn holds a 40% stake. The venture has drawn $1.76 billion on its construction loan to date.

The February decision will determine whether Wynn opens the full resort at once, as it has historically preferred, or stages amenities to match a customer base drawn first from Dubai and the wider UAE rather than the international VIP segment its financial model was built on.