Latest news with #WynnAlMarjan
Arabian Business
4 days ago
- Business
- Arabian Business
EXCLUSIVE: Inside Wynn Resorts' Las Vegas-style UAE expansion
The much-anticipated Wynn Al Marjan resort is well on its way to becoming the UAE's first integrated gaming resort, extending the experience to the Middle East and beyond. With construction currently 60 per cent complete, the resort is scheduled to open its doors to the public in early 2027. Arabian Business was among the first publications granted access to insights into Wynn's operations in Las Vegas, to understand how this vast enterprise will be translated 8,000 miles away in the emirate of Ras Al Khaimah. Walking into the Wynn Las Vegas, the opulence and sheer scale is unmistakable – in fact, it is record-breaking, with the hotel being one of the biggest globally. The 50,000 sq. ft. property – encompassing both the Wynn and Encore resort, although different, seamlessly operates as one with a total of 4,500 rooms. The floral (Wynn) or butterfly (Encore) detailed floors hear the steps of thousands of people during the course of the day, from hotel guests to casino players to restaurant visitors and the general public – the grounds are always busy. With a resort of this scale housing thousands of rooms, several restaurants, bars, clubs, a golf course, casinos, swimming pools, luxury stores and more – operations needs to run with the precision of a well-oiled machine – undoubtedly, this takes a big and well-trained team across several departments. A similar operation is expected to translate to Ras Al Khaimah to run the first-of-its-kind concept in the Middle East, also mirroring a scale that is uncommon in the region. Wynn Al Marjan will house 1,500 rooms and the property will span over 60 hectares. From scents, lights and carpets down to the most minuscule elements – almost every corner of the hotel has been designed by Todd-Avery Lenahan, President & Chief Creative Officer of Wynn Design & Development – with every element picked to serve a purpose. The same attention to detail, intricacy (if not more) and process will be applied to Wynn Al Marjan, which Lenahan describes as 'something entirely distinctive for this region.' Wynn's staffing for success Part of the integrated leadership team will also be Max Topainer, former COO of Wynn Las Vegas, who is relocating to Ras Al Khaimah to take on the role of President for Wynn Al Marjan Island – a move symbolic of the global weight being thrown behind the project. And he's not coming alone. A wave of professionals from Wynn properties around the world are already preparing for the transition, with as many as 200 team members expected to move to Ras Al Khaimah within six months of the opening. The full team will be assembled on site, allowing ample time to instill Wynn's signature culture into operations – a value system deeply rooted in the brand. Training, cultural immersion and operational readiness are already high on the agenda. 'The nuts and bolts of how you're really going to run things, the decisions need to be made now and they need to make them when they can think about it and be thoughtful and really make the right calls. You don't want to do it six months before you open,' Michael Weaver, Chief Communications and Brand Officer, said during the tour. 'It's early, yes, but on the day it opens, it has to be perfect,' he explained. Wynn Al Marjan has already opened its hiring portal ahead of time. The hiring process is integral to maintaining the company culture standardised across Wynn properties across the world. Regional touch, global standards While Wynn Al Marjan has the same DNA as its Las Vegas sibling – right down to its high-count bedsheets, floral arrangements and 'Wynn at Home' amenities – it is being designed as an experience that speaks to the region's culture and guest expectations. From the gaming areas to the restaurants, shows and several other offerings across the hotel – the RAK integrated gaming resort will have similar experiences but elevated and catered to the region. 'This is our most culturally responsive room and suite design that we have ever done. We thought a great deal about personal modesty, religious principles and values and even the way people from the Middle East behave and conduct themselves in a hotel room differently than a Westerner or European would,' Lenahan said. Designing for the UAE's cultural context was non-negotiable. Certain suites will be designed in a way where a husband and wife can enjoy their stay without the woman ever being seen, even during room service delivery – a detail crafted to offer ultimate discretion. As seen in the first looks revealed by Wynn last month, the resort's King rooms are designed with distinctive entry vestibules which separate the sleeping quarters from the corridor – a contrast as compared to contemporary resort layouts. The interiors are heavily inspired by regional elements including the artistic and cultural heritage featuring arched forms, layered textures and reflective surfaces. Wynn Al Marjan will also debut a completely separate spa experience for men and women, with no interaction between the spaces, while still offering the same holistic wellness philosophy. The design ethos continues outdoors, with 12 pools including adult-only, family, and children's zones — but no gaming areas by the water, unlike in Las Vegas. Gaming: Separate and regulated While gaming has made headlines, Wynn is taking a nuanced approach. The gaming area will be physically separated from the rest of the resort. Visitors can access every other part of the property without ever seeing a gaming floor. Gaming regulations will be determined by local authorities. The General Commercial Gaming Regulatory Authority, established by Federal Decree Law and headquartered in Abu Dhabi, is currently shaping the oversight structure. Entertainment-wise, it was revealed that a custom-made show, currently under development will also premiere exclusively at Al Marjan. Details remain tightly under wraps for now. In true Wynn fashion, no detail is spared. In Las Vegas, the scale of operations is immense – up to 14,000 pieces of bread is baked daily, featuring over 200 varieties, while seasonal ingredients like Japanese sweet peas and fresh produce from France are featured year-round. The resort also houses 10,000 flowers refreshed every four weeks, and 800 orchids, all contributing to its immersive floral identity. Each resort features a signature scent, in similar fashion the Al Marjan signature scent will be created. While Wynn is globally known for motifs like flowers (Wynn) and butterflies (Encore), Al Marjan is set to have a dedicated motif reflecting culture and heritage that will be featured in various elements across the resort. The resort will feature several pieces of art, similar to its Las Vegas counterpart – carefully sourced by Lenahan and the team from around the world. During its opening, Wynn Al Marjan could potentially feature artwork loaned from other global Wynn locations. 'We have a major art story that we will be unveiling as we approach the opening, there will be such extraordinary riches artistically around this property – from incredible antiquity all the way to major contemporary works coming from all over the world that will find homes throughout this property,' Lenahan excitedly revealed. Several exciting developments are in the works, however, details are currently under wraps and will be revealed at a later date. One thing was made clear – what Wynn Al Marjan is set to offer in the region is unlike anything ever done before – the scale will be immense, the details will be intricate and the impact will be immediate.
Khaleej Times
27-05-2025
- Business
- Khaleej Times
Ras Al Khaimah GDP likely to expand at 3.3% this year
Ras Al Khaimah's economic growth will weaken modestly to average 3.3 per cent in 2025-2026, S&P Global Ratings said on Tuesday. The ratings agency affirmed the emirate's sovereign credit rating, announcing its foreign currency and local currency at A/Stable/A-1. Thereafter, S&P expects real GDP growth to accelerate to average 4.3 per cent in 2027-2028 on the back of a strong performance in tourism, real estate, manufacturing, and mining. Wholesale and retail trade and manufacturing — which make up 50 per cent of RAK's exports on average — together contribute around 45 per cent to RAK's real GDP. 'RAK's diversified non-oil economy and ongoing infrastructure projects will continue to support its medium-term growth trajectory beyond 2026,' S&P said. The agency expects real GDP growth to remain just above 4 per cent annually in 2027-2028 and GDP per capita to strengthen to about $32,800 by 2028. 'We expect upcoming tourism projects and the related infrastructure spending to help strengthen RAK's mining sector, as well as its economic free zones, airport, and real estate sector,' the ratings agency said. By far the largest of the tourism projects is the Wynn Al Marjan Island integrated resort, with the overall cost amounting to about 40 per cent of GDP. The resort is set to open in early 2027 and has been awarded the commercial gaming operator's licence — the first to be granted in the UAE. There are also plans to open about 20 new hotels in the next two-to-three years, resulting in a projected 75 per cent increase in hotel room capacity. To mitigate the risk of overcapacity, the authorities envisage targeting a wider market and increasing the variety of tourism offerings. S&P also expects positive momentum in RAK's real estate sector, driven by transactions relating to tourism, industry, and investment, especially on Marjan Island. The island has recorded significant growth in primary residential sale prices in the past two years. RAK's mining sector, which contributes about 25 per cent of the emirate's exports, continues to benefit from infrastructure projects within the UAE and GCC. One of the world's largest limestone quarrying companies, Stevin Rock, which is 100 per cent owned by the RAK government, supplies rock to large construction and reclamation projects within and outside the UAE, including local projects in RAK and property development projects in Abu Dhabi and Dubai. S&P believes that the government's strong net asset position partly mitigates the risk of contingent liabilities. The RAK government's gross debt was a low 8 per cent of GDP in 2024 and this includes a $1 billion sukuk that the government refinanced in March 2025. Liquid assets of an average 28 per cent of GDP over 2025-2028 more than offset government debt. RAK's liquid assets are predominately in cash and RAKBANK stock. 'Although the government has increased its overall stake in RAKBANK and is a majority shareholder, we view this holding as opportunistic rather than strategic, and ultimately a timely source of funding for the government if it needs it. We forecast that the government's interest burden will remain less than a low 5 per cent of government revenue due to its small debt stock,' the agency said.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: MGM tower set to open in 2027, says CEO
The construction of the MGM tower in Dubai is in full swing and is set to open in 2027, said William Hornbuckle, CEO and President of MGM Resorts International. 'The building is due to be completed in the third quarter of 2027. We're literally up on the fifth floor of the MGM tower as we speak. It's an exciting project, a truly interesting resort with all kinds of features. Hopefully we'll get to add gaming,' Hornbuckle said during the first quarter earnings call. The US-based hotel and gaming operator said last month that it has 'a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai". In 2017, Dubai-based Wasl Hospitality and Leisure signed an agreement with MGM Hospitality to advise on the development of a premier destination resort in Dubai and to operate the resort when completed. The 26-acre prime beachfront development would feature an MGM Hotel, MGM Residences and a Bellagio Hotel, marking the debut of the MGM and Bellagio brand names in the Middle East region, the US company had said in a statement at the time of agreement. Last month, a high-level MGM team, including chairman Paul Salem, visited Dubai and met Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. William said the key mission to visit Dubai was to discuss opportunities that MGM could bring to the UAE, especially Dubai and to update the government about 'opportunities that we could bring to the UAE and Dubai specifically". Although MGM struck a non-gaming management agreement in Dubai, the UAE gaming market will reach $3-$5 billion (Dh11 to Dh18.35 billion) over the years. The multi-billion dollar Wynn Al Marjan — coming up in Ras Al Khaimah — is the first integrated gaming resort coming in the Middle East. It received a licence in October last year from the UAE regulator — General Commercial Gaming Regulatory Authority (GCGRA). Construction work on Wynn Al Marjan is underway at a fast pace with one floor per week. It is scheduled to open in early 2027.
Khaleej Times
24-04-2025
- Business
- Khaleej Times
UAE jobs: Wynn Al Marjan announces vacancies, career page goes live
Wynn Al Marjan, an integrated gaming resort coming up in Ras Al Khaimah, has announced vacancies as its career page went live ahead of the opening of the landmark property in 2027. Currently, it has listed seven vacancies, but as the hotel progresses towards completion more openings will be announced. As of Thursday, it listed jobs for executive director of technical operation, procurement analyst, IT application support analyst, compensation and benefits manager, contract services administrator, contract services manager and talent acquisition recruiter. 'We are building something extraordinary — and looking for exceptional people to be part of it. Wynn Al Marjan Island's career site is now live. If you are ready to help shape the region's most anticipated destination, this is where it begins,' it said. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Upon completion in early 2027, the $3.9 billion Wynn Al Marjan will feature 1,542 rooms and suites, a hotel, villas, a shopping mall, a meeting and convention facility, a spa, over 20 restaurants and lounges, 225,000sqft of gaming area and a wide variety of entertainment choices including a night club and a beach club and other amenities. Industry executives estimate that typically a hotel requires 1.2-1.5 employees per room to operate the facility — depending on the luxury level and amenities. Since, Wynn Al Marjan will have a huge gaming area and other facilities, it will require many more employees to run the operation smoothly at the uber-luxury property. Ras Al Khaimah's hospitality and real estate markets have seen massive attention following the announcement of Wynn Al Marjan. The northern emirate has set an ambitious target to attract 3.5 million tourists by 2030. It has currently 8,000 hotel keys and hopes to increase them to 16,000-20,000 to meet growing demand from residents and foreign tourists. In October 2024, Wynn Resorts was awarded the UAE's first commercial gaming operator's licence by the General Commercial Gaming Regulatory Authority (GCGRA). The Las Vegas-based casino firm is building Wynn Al Marjan Island as the first integrated gaming resort in the Middle East and North Africa (MENA) region. Terming it a 'must-see' destination, Craig Billings, CEO of Wynn Resorts, said in the annual report that they have deployed a 'creative team at Wynn Design and Development in full force, with a particular focus on Wynn Al Marjan Island.' Construction of the property is progressing at a fast pace with one floor being added per week. The construction reached the 38th floor in March. 'We made solid progress on Wynn Al Marjan Island in 2024 and expect to top off construction at the end of this year. We have a strong and experienced management team on the ground,' said Billings. Employee benefits Wynn Al Marjan said on its website that it understands 'the importance of providing exceptional staff housing to foster a supportive and inspiring work environment' and aims to provide 'a home away from home.' The Wynn employee campus will accommodate teams from up to 95 countries. The campus will have a variety of lounges to relax; a TV and media room to enjoy downtime and catch the latest Netflix series; a snooker table and arcade games for recreation; an all-day open employ dining that offers international cuisines; and a comprehensive transport option for all employees. The transport buses — with WiFi — will shuttle staff to and from the hotel, it said.
Khaleej Times
16-02-2025
- Business
- Khaleej Times
'Dh18-billion UAE gaming market': Casino operator Wynn addresses concerns around competition
Wynn Resorts CEO Craig Billing is confident in the potential of the UAE's gaming market, predicting it could reach between $3 and $5 billion (Dh11 to Dh18.35 billion) over time. Speaking a conference call during the company's fourth-quarter financial results, Billings emphasised that the UAE represents the "most exciting" new market for the gaming industry in decades. Addressing concerns about competition, Billings dismissed any concerns around UAE granting a licence to its competitors for building another integrated gaming resort in the country. Billings pointed out that designing and building integrated resorts take at least four years. This gives the US-based casino operator a significant head start. 'We don't believe that every emirate will avail themselves of potential licence by any opening in March 2027, so think about the fact that it takes a minimum of four years to design and build an integrated resort. You can imagine that we're going to have a very, very healthy lead,' he said. He added that the projections that have been given out for the Wynn Al Marjan are taking into account a second property in the Emirates, noting: 'In fact, I don't think we would be all that fussed if there was a second property, because we believed in the clustering effect, and we believe that it would be good for the industry. But as of now, we don't see a line of sight on that potential second place that's very helpful.' He elaborated that the propensity to spend on luxury hotels and food and beverages in the UAE is extremely high. Dh18-billion industry Billings added that topping off Al Marjan is scheduled 'towards the end of this year.' He also noted that the company will also be scheduling a visit to the UAE so that analysts and investors 'understand all the amazing things that are happening in the UAE and Dubai in general such as the prevalence of high-value food and beverage, of luxury hotels there, and really the power of that market". 'We believe the UAE will be a $3 to $5-billion gaming market over time, and certainly the most exciting new market for our industry in decades," he added. Billings also announced a new venture while speaking at a conference call. "To support this project and the early work we are doing to build our database and brand awareness in the region, we were pleased to announce in early January that we entered into an agreement to purchase Aspinalls in Mayfair London. "This small but strategic asset provides a presence in central London, where many of our future Al Marjan customers spend a meaningful amount of time,' Billings shared during the conference call after the fourth quarter 2024 results. 'Most exciting development in decades' Billings added that Wynn Al Marjan is 'the most exciting development project in the industry.' 'We are expeditiously developing what I believe to be the most exciting development project in the industry in the UAE, a project that will ultimately produce meaningful EBITDA and further diversify our business. "The opening of that project, coupled with a concurrent reduction in the amount of capex, we will be deploying in North America, will also mark an important inflection point in our free cash flow profile. Our future is bright." Expected to open in 2027, the $3.9-billion Wynn Al Marjan will be the first integrated gaming resort in the region. 'Construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the 35th floor of the hotel tower was recently completed and over 4.6 million sqft t of concrete and steel in place. We are confident the resort will be a 'must see' tourism destination in the UAE and will support strong long-term free cash flow growth,' he said. Dh2.3-billion contribution Wynn Resorts earlier this month said that it 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. In October 2024, Wynn Resorts announced that the General Commercial Gaming Regulatory Authority (GCGRA) of the UAE had issued a Commercial Gaming Facility Operator licence to the entity developing the Wynn Al Marjan Island resort in Ras Al Khaimah, UAE. The US-based casino operator said its remaining estimated equity contribution to the Wynn Al Marjan project in Ras Al Khaimah is $700- $ 775 million (Dh2.57-Dh2.84 billion). The company is expected to contribute $350-375 million in 2025 and $350-400 million in 2026, the company said in its fourth quarter presentation. Its contribution to the project has reached $631.7 million (Dh2.31 billion) so far, including $99 million contributed in the fourth quarter of 2024. The company expects to complete the UAE investment cycle in late 2026. 'The UAE is the most exciting new market for integrated resort development in decades. Wynn Al Marjan Island's broader UAE opportunity is unique in our industry,' it said. The company expects the Ras Al Khaimah project will add 'significant EIBTDAR (cash flow and management fees) to our existing base.'
