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Wynn Al Marjan Island, the multi-billion-dollar integrated resort rising on Ras Al Khaimah's coast, will now open its doors next year with a slight delay, as regional war continues to affect global supply chains and shipping insurance markets, a senior official said on Wednesday.
Craig Billings, CEO of Wynn Resorts, said construction at the resort is progressing at a rapid pace and confirmed that Wynn Al Marjan Island, which he described as the most exciting integrated resort to be developed in over a decade, will open its doors to guests in September 2027.
Regional conflict disrupts supply chains and shipping
Speaking to analysts during the company's Q2 earnings call, Billings said interior work on the resort's hotel rooms is now underway, with mechanical, electrical and finishing trades moving in sequence and that pre-opening hiring and operations planning are advancing well.
He said regional conflict-related disruptions initially impacted global supply chains and continue to affect shipping insurance markets, requiring certain materials and equipment to be resourced, rerouted or expedited to protect the construction timeline.
Billings added that the company also experienced disruptions related to the movement of staff and consultants, along with other non-recurring issues, which together affected both the timing and cost of the project.
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Project budget rises by $600 million
The delay comes at a cost. Billings said Wynn Resorts is raising the total project budget for Wynn Al Marjan Island by roughly $600 million (Dh2.2 billion).
- Approximately half of the increase is directly attributable to disruption from the regional conflict, material and shipping cost increases and pre-opening and capitalised interest costs tied to the extended construction timeline
- The remaining portion reflects remeasurement, trade coordination and other costs typical of a project of this scale and duration, independent of the regional situation
Wynn Resorts remains confident in the UAE market
Despite the setbacks, Billings struck an upbeat tone about the UAE market, pointing to a June visit to check on progress in person, during which he said his flights were full and day-to-day activity in Dubai was healthy.
He reiterated the company's confidence in the UAE and its belief that Wynn Al Marjan Island will be the most exciting integrated resort opening globally in over a decade.
Wynn Resorts holds a 40 per cent stake in the joint venture building the project.
The company said it contributed $48.1 million (Dh176.5 million) in cash to the venture during the period, bringing its life-to-date cash contributions to $1.06 billion.
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