Latest news with #WynnResorts'
CairoScene
15-05-2025
- Business
- CairoScene
Biggest Casino in the Middle East to Be Built on Wynn Al Marjan Island
Wynn Resorts' USD 3.9 billion project in Ras Al Khaimah marks a historic shift in the UAE's entertainment landscape. May 15, 2025 The United Arab Emirates is set to launch its first legal casino with the opening of Wynn Al Marjan Island in Ras Al Khaimah, scheduled for early 2027. Developed by Wynn Resorts in partnership with local entities, the USD 3.9 billion integrated resort will feature a 224,000-square-foot gaming area, positioning it as the largest casino in the Middle East. Located on the man-made Al Marjan Island, the resort will include a 70-storey hotel tower with 1,542 rooms, 22 private villas, 22 restaurants, high-end retail spaces, and a convention centre. It will also offer two gaming zones: a main casino and a "sky gaming casino" on the 22nd floor with views of the Arabian Gulf. The project follows the creation of the General Commercial Gaming Regulatory Authority (GCGRA) in 2023, which issued the UAE's first commercial gaming licence to Wynn Resorts in October 2024. The move reflects a broader economic diversification strategy aimed at strengthening tourism and entertainment sectors in the country. Construction is already well underway, with over 55% of the structural concrete completed as of November 2024. The development is part of Ras Al Khaimah's tourism ambitions, which target more than 3.8 million visitors annually by 2027.
Arabian Business
27-04-2025
- Business
- Arabian Business
Revealed: Wynn Al Marjan unveils first look inside resort guest rooms
Wynn Al Marjan Island, UAE's first integrated gaming resort has unveiled the first look at its guest accommodations ahead of its 2027 opening. The new images showcase the creative vision behind a selection of the resort's 1,530 rooms, suites, and villas, developed by Wynn Design & Development, the in-house design team behind the brand's global portfolio. The Resort King rooms are designed with a distinctive entry vestibule separating the sleeping quarters from the corridor, a contrast from the open-plan layouts seen in many contemporary resorts. This design feature enhances privacy and brings a residential feel to the accommodations. Floor-to-ceiling windows feature views of the Arabian Gulf, while interiors draw inspiration from the region's artistic and cultural heritage, with arched forms, reflective surfaces, and layered textures. 'Designing Wynn Al Marjan Island meant honoring a remarkable legacy while building something entirely distinctive for this region,' said Todd-Avery Lenahan, President & Chief Creative Officer of Wynn Design & Development. 'These rooms are rooted in the language of Wynn but reinterpreted for this oceanfront experience. They're a beautiful expression of form and function influenced by Ras Al Khaimah's natural beauty,' he added. The rooms feature custom lighting and mirrored accents with warm tones while luxurious bathrooms feature double vanities, walk-in showers, and freestanding soaking tubs. Spanning more than 60 hectares, Wynn Al Marjan Island will also feature 24 restaurants offering fine, casual, and social dining, a five-star spa, a Shopping Parterre showcasing world-class designer boutiques, 12 pools surrounded by cabanas and lush gardens, a private marina capable of accommodating luxury vessels up to 75 meters, and a 420-meter white-sand beach. Wynn's signature entertainment will also be a centerpiece of the destination. Construction of Wynn Al Marjan Island remains on track for its early 2027 debut, marking Wynn Resorts' first integrated resort in the UAE. In another step toward the highly anticipated debut, Wynn Al Marjan Island has officially launched its careers page, opening the first wave of roles for the integrated gaming resort. Available now at the portal invites candidates to join the 'Wynn family,' with opportunities spanning food and beverage, hotel operations, entertainment, and wellness. The careers page details that new hires will help deliver the 'Wynn feeling' as the brand makes its first entry into the Middle East. Arabian Business was among the first publications given early access to exclusive details about Wynn Al Marjan Island. Senior executives, including Michael Weaver, Chief Communications and Brand Officer at Wynn Resorts, shared insights into the design, service philosophy, and unique features that will set the Ras Al Khaimah resort apart. The leadership team provided an early look at how the project is shaping up to redefine luxury hospitality in Ras Al Khaimah, highlighting new design details, elevated service standards, and what visitors can expect when Wynn opens its first property in the region. Speaking about the project's progress, Weaver said, '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,' he said. 'It's early, yes, but on the day it opens, it has to be perfect.' Available job openings include positions such as Manager of Travel Industry Sales, Executive Director of Technical Operations, Procurement Analyst, and more. Wynn Resorts Limited recently announced that Wynn Al Marjan Island has secured a $2.4 billion construction loan facility with a syndicate of global and regional banks to finance the development. The facility, structured across both AED and USD currencies, marks the largest hospitality financing deal in UAE history and provides significant financial flexibility to the project's joint venture partners. Institutions backing the transaction include Abu Dhabi Commercial Bank, Deutsche Bank, First Abu Dhabi Bank, Emirates NBD, National Bank of Ras Al Khaimah, and Sumitomo Mitsui Banking Corporation. With construction progressing and key operational foundations being laid, Wynn Al Marjan Island is scheduled to open its doors in early 2027.
Yahoo
18-02-2025
- Business
- Yahoo
Wynn bullish on Las Vegas as demand remains ‘healthy'
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Wynn Resorts' operating revenues for its Las Vegas segment, where the company operates Wynn Las Vegas and Encore, increased slightly (0.3%) in the fourth quarter of 2024, according to an earnings report. Wynn's adjusted property EBITDAR in Las Vegas in Q4, meanwhile, was $267.4 million, down 1.25% year over year from $270.8 million in the fourth quarter of 2023. Despite the decline, CEO Craig Billings said in the report that Wynn 'delivered strong quarterly performance in Las Vegas on very tough comparables.' During a Thursday earnings call, Billings expressed optimism for the Nevada market, touting healthy travel demand as a driver of future growth. In Las Vegas, demand remained healthy in the fourth quarter of 2024, with nongaming business strong despite tough year-over-year comparisons during the week of Formula 1's Grand Prix, Billings said during the call. He added that EBITDA during 2024's F1 event was about $20 million lower than in 2023. Despite the year-over-year decline, Wynn's daily EBITDA during the 2024 event was 'materially elevated relative to the years before F1 was a fixture in the market,' Billings said. Wynn competitor MGM Resorts International also reported a decrease in casino and room revenues in Las Vegas during 2024's F1 event compared to 2023. Strong travel demand in Las Vegas has kicked off 2025, with group and convention room nights on the books for the year at 'healthy ADRs,' according to Billings. 'Transient booking demand over the last two weeks has been extremely robust. When coupled with a calendar that is once again chock-full of large demand drivers in the market, the setup for 2025 feels good,' Billings said. Las Vegas is poised to benefit from sports tourism, specifically. Other factors that will help Wynn 'exit 2025 even stronger,' include the anticipated opening of food and beverage concept Zero Bond at Wynn Las Vegas as well as a planned renovation of the Encore Tower and 'other relatively modest targeted investments,' Billings shared on the call.
Yahoo
18-02-2025
- Business
- Yahoo
Wynn Resorts' (NASDAQ:WYNN) Dividend Will Be $0.25
Wynn Resorts, Limited (NASDAQ:WYNN) will pay a dividend of $0.25 on the 5th of March. Including this payment, the dividend yield on the stock will be 1.1%, which is a modest boost for shareholders' returns. View our latest analysis for Wynn Resorts It would be nice for the yield to be higher, but we should also check if higher levels of dividend payment would be sustainable. However, Wynn Resorts' earnings easily cover the dividend. This means that most of its earnings are being retained to grow the business. Looking forward, earnings per share is forecast to rise by 21.9% over the next year. If the dividend continues on this path, the payout ratio could be 15% by next year, which we think can be pretty sustainable going forward. The company has a long dividend track record, but it doesn't look great with cuts in the past. Since 2015, the dividend has gone from $8.00 total annually to $1.00. Dividend payments have fallen sharply, down 88% over that time. Declining dividends isn't generally what we look for as they can indicate that the company is running into some challenges. Given that dividend payments have been shrinking like a glacier in a warming world, we need to check if there are some bright spots on the horizon. It's encouraging to see that Wynn Resorts has been growing its earnings per share at 33% a year over the past five years. A low payout ratio gives the company a lot of flexibility, and growing earnings also make it very easy for it to grow the dividend. Overall, we like to see the dividend staying consistent, and we think Wynn Resorts might even raise payments in the future. The company is easily earning enough to cover its dividend payments and it is great to see that these earnings are being translated into cash flow. Taking this all into consideration, this looks like it could be a good dividend opportunity. Companies possessing a stable dividend policy will likely enjoy greater investor interest than those suffering from a more inconsistent approach. Still, investors need to consider a host of other factors, apart from dividend payments, when analysing a company. To that end, Wynn Resorts has 3 warning signs (and 1 which is concerning) we think you should know about. If you are a dividend investor, you might also want to look at our curated list of high yield dividend stocks. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
