Wynn Resorts has obtained a $2.4 billion construction financing for its Wynn Al Marjan Island casino and resort project in the UAE.
The investment was secured through a global network of financial institutions and awarded to a joint venture entity in which Wynn has a 40% share.
Wynn said the seven-year loan, which is denominated in both UAE dirhams (AED) and US dollars (USD), has a “competitive” interest rate.
The loan’s form, a delayed draw facility, is intended to allow financial flexibility at various phases of growth.
The banking consortium sponsoring the transaction includes lenders from all across the world. Among the important financial institutions participating, Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG have agreed to serve as joint coordinators.
Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, The National Bank of Ras Al Khaimah, Sumitomo Mitsui Banking Corporation, and First Abu Dhabi Bank PJSC were all engaged.
Setting records in the UAE
This financing arrangement is a record-breaking transaction in the UAE’s hotel sector.
Wynn, who was recently awarded one of Fortune magazine’s “World’s Most Admired Companies” for 2025, has stated that the loan is the largest hospitality-related finance transaction in the country’s history.
The project, which is expected to cost $5.1 billion, aims to set a new standard for regional luxury resorts. Structural work is now ongoing to make this possible.
When finished, the property will contain 1,542 rooms and suites, as well as a plethora of high-end facilities, including over two dozen restaurants and bars.
The walls of 1,226 rooms have been completed, and over 1,100 of them are undergoing extra finishing work.
A nightclub, a beach club, a retail center, and a Wynn spa and salon will be among the other entertainment options.
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A big conference and event facility will be included, as well as a wide oceanfront pool area.
Construction is progressing quickly, with Wynn estimating that 64% of the structural concrete has already been completed. The main resort tower has reached the 34th story, and the elevator cores stretch to the 36th floor.
The building crew is completing one storey every week, with the intention of topping off the project by December 2025.
Court authorizes Steve Wynn-related settlement
Meanwhile, Wynn has resolved a legal disagreement involving its former chairman and founder, Steve Wynn.
Last year, the business agreed to a $70 million settlement in a securities fraud class action lawsuit stemming from sexual misconduct charges against Steve Wynn. A federal judge has officially authorized the agreement.
Investors in the litigation charged the corporation and several former executives of willfully hiding or deliberately dismissing these concerns while making deceptive representations to shareholders.
The federal court in the District of Nevada has granted final approval to the settlement, which includes more than $23 million in attorneys’ fees, accounting for about one-third of the entire sum.
The lawsuit originated from charges made public in 2018, which led to Steve Wynn’s resignation from his position at the corporation.
The scandal prompted probes into the company’s corporate governance and compliance practices.
With the settlement authorized, Wynn plans to go forward, resolving governance issues and strengthening its commitment to ethical leadership.
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