Wynn Resorts Ltd., a global gaming operator, will split about $900 million for the construction of Wynn Al Marjan Island, a casino resort project in the United Arab Emirates. This came as estimated by Craig Billings, group CEO of Wynn Resorts, who is also the parent company of Wynn Macao Ltd., a Macau casino operator.
“The total budget for Win Al-Majan is about $4 billion. In this case, the budget can be moved here and there, but there is no real movement,” Mr. Billings said on the organization’s Tuesday conference call to discuss its first-quarter results released the same day.
“Our capital contribution is going to be $900 million, which is heavily dependent on our construction [project] leverage,” he added. “So we’re trying to figure that out now. But you can figure out the debt to equity at around 50-50 and then we’ll be 40% of equity.”
Wynn Resorts Chief Financial Officer Julie Cameron-Do said in a call that Wynn Resorts had donated a $70 million stake in the Wynn Al Mazan project in the first three months of 2024, “so far, the total equity contribution has reached about $160 million.”
On Monday, Wynn Resorts said in a release that the UAE project will be “opened to the public in early 2027. It is being built in the Middle East of Ras Al Khaimah, part of the UAE.
Wynn Resorts previously described the plan as including gaming facilities, although a bill to allow gambling has not yet been passed by local authorities.
On Tuesday’s call, Mr Billings said of the casino legalisation process: “We have regulatory requirements before we open. So we expect to meet regulatory requirements and get the necessary approvals in due course.”
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