UAE: Wynn Al Marjan in RAK secures Dh8.8 billion loan as building rises 140 feet in 100 days
Construction on the Wynn Al Marjan resort in Ras Al Khaimah is progressing rapidly, with one floor being added each week. The project is on track to be topped off by the end of this year.
'In the last 100 days, the resort tower has grown approximately 140 feet,' Wynn Resorts said on Friday.
Wynn Al Marjan, a project worth $3.9 billion, is the first integrated resort in the region. It is a joint venture between Wynn Resorts and Marjan and RAK Hospitality Holding. The US firm owns a 40 per cent stake in the project, which is scheduled for completion in 2027.
Largest hospitality financing
Wynn Resorts on Friday also revealed it has completed financing for the development of the Wynn Al Marjan Island project after it obtained a $2.4 billion (Dh8.8 billion) loan from a global syndicate of banks.
Abu Dhabi Commercial Bank and Deutsche Bank acted as joint coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as initial mandated lead arrangers, bookrunners and underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as lead arranger. First Abu Dhabi Bank is acting as agent and security agent for the lenders.
This transaction was the largest hospitality financing transaction in the history of the UAE.
The company said that the 7-year loan was obtained at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners.
The secured term loan facility is denominated in a combination of UAE dirham and US dollar currencies, reflecting the bulk of the expected development expenditures to be incurred in dirham.
Wynn Resort progress
As of now, Wynn Resort has completed 64 per cent of the concrete structure up to the 34th floor of the main resort tower, with elevator cores extending to the 36th floor. The resort will feature 1,542 rooms and suites.
To date, 1,226 guest rooms in the tower structure have been completed, or 80 per cent of the total. The exterior façade window glazing is also progressing, with with over 2,840 of the 13,734 panels completed, which is more than 20 per cent of the total. Fit out is underway in approximately 1,121 rooms, covering walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services.
In the low-rise part of the building, concrete and steel structures are 70 per cent complete. Work on the exterior façades and interior fit-out is in progress, as well as the installation of elevators and escalators across the property.
Wynn Al Marjan Island will have 22 restaurants, lounges and bars, nightclub and beach club; a shopping promenade and a signature Wynn spa and salon. There will be an extensive 39,000 sqft poolscape adjacent to the beach. The 145,000 sqft meetings and events centre will include outdoor event terraces and lawns. The theatre and a new resident show are also being created specifically for Marjan Island.
In October 2024, Wynn Resorts announced that the UAE's General Commercial Gaming Regulatory Authority (GCGRA) had granted a Commercial Gaming Facility Operator licence to the entity developing the Wynn Al Marjan Island resort, marking a significant milestone for the project. Upon opening, Al Marjan Island will become the fourth-largest major gaming market globally.
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