{"id":242527,"date":"2022-11-10T17:19:18","date_gmt":"2022-11-10T23:19:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=242527"},"modified":"2022-11-10T17:50:30","modified_gmt":"2022-11-10T23:50:30","slug":"wynn-expects-to-update-investors-on-its-uae-project-in-early-2023","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/","title":{"rendered":"Wynn Resorts Provides UAE Update, Casino Could Be Bigger than Las Vegas"},"content":{"rendered":"

On its third-quarter earnings conference call late Wednesday, Wynn Resorts (NASDAQ:WYNN) provided analysts and investors with an update on its upcoming integrated resort on Al-Marjan Island in the United Arab Emirates (UAE).<\/p>\n

\"Wynn
Al-Marjan Island in the United Arab Emirates. Wynn Resorts updated investors on its plans there. (Image: Time Out Abu Dhabi<\/em>)<\/figcaption><\/figure>\n

The project was announced earlier this year<\/a> and is expected to be open at some point in 2026. On the call, Wynn CEO Craig Billings said the company expects to publicly share plans and renderings of the UAE-integrated resort early next year, confirming that a casino will be a part of those efforts. Casino gaming has long been off-limits in UAE. But when the Al-Marjan venture was unveiled in January, it wasn\u2019t immediately clear that a casino would be permitted.<\/p>\n

The casino component, where at least for some period of time, we will be operating on our own, which makes it quite exciting, is shaping up to be somewhat larger than Wynn Las Vegas,\u201d<\/strong> said Billings on the call in a response to a question from Deutsche Bank analyst Carlo Santarelli.<\/p><\/blockquote>\n

The Wynn chief executive office is \u201cbigger\u201d than Wynn Las Vegas, which refers to square footage or the UAE-integrated resort\u2019s profit and revenue potential. Wynn Las Vegas is the operator\u2019s flagship US gaming venue.<\/p>\n

UAE \u00a0Essential to Wynn\u2019s Diversification Efforts<\/h2>\n

Wynn is partnering on the project with RAK Hospitality Holding LLC \u2014 a local hotel developer \u2014 and it\u2019s estimated that the US company\u2019s stake will be around a third. HKS Architects said<\/a> it will be the architect for the Wynn property. The firm designed Venetian Macau, Palazzo Las Vegas, and Atlantis Paradise Island in the Bahamas.<\/p>\n

\n

The operator hasn\u2019t publicly stated the venture\u2019s price tag. But analysts estimate it to be around $2 billion, forecasting Wynn can generate a 20% return on investment<\/a>. \u00a0What\u2019s clear is that the UAE plan is pivotal in terms of bringing needed geographic diversification to Wynn\u2019s portfolio.<\/p>\n<\/div>\n

That\u2019s particularly true at a time when the company\u2019s Macau operations remain a drag on overall performance. Wynn\u2019s third-quarter results were another case of solid showings in Las Vegas and Boston, and disappointment in Macau.<\/p>\n

Currently, Al-Marjan Island is the only one of the seven emirates where wagering is permitted, indicating Wynn\u2019s property could be a quasi-monopoly for some time.<\/p>\n

Wynn Could Open UAE Doors<\/h2>\n

While Wynn could be a player for a New York City casino license, UAE remains the focus of its international expansion efforts.<\/p>\n

\u201cSo we’re very focused right now on the UAE and getting that right. It’s a tremendous, very high return opportunity for us, we expect. And so that’s really the sign of our — that’s really the focus of our design and development efforts at the moment,\u201d added Billings.<\/p>\n

Wynn\u2019s progress in UAE is likely to be closely monitored by rivals because the region is viewed as one of the last untapped casino frontiers in the world.<\/p>\n

Rival Caesars operates a high-end hotel in Dubai, and MGM Resorts International is constructing a similar property there. Gaming isn\u2019t yet in the cards for those resorts, but the casino floodgates could open if Dubai changes its tune.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On its third-quarter earnings conference call late Wednesday, Wynn Resorts (NASDAQ:WYNN) provided analysts and investors with an update on its upcoming integrated resort on Al-Marjan Island in the United Arab Emirates (UAE). The project was announced earlier this year and is expected to be open at some point in 2026. On the call, Wynn CEO […]<\/p>\n","protected":false},"author":46,"featured_media":242529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,81883],"tags":[81913,81897,82205],"acf":[],"yoast_head":"\nWynn Expects To Update Investors On Its UAE Project In Early 2023<\/title>\n<meta name=\"description\" content=\"Wynn remains optimistic that its plans in UAE will bear fruit.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Expects To Update Investors On Its UAE Project In Early 2023\" \/>\n<meta property=\"og:description\" content=\"Wynn remains optimistic that its plans in UAE will bear fruit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-10T23:19:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-10T23:50:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/island.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/\",\"name\":\"Wynn Expects To Update Investors On Its UAE Project In Early 2023\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/island.jpg\",\"datePublished\":\"2022-11-10T23:19:18+00:00\",\"dateModified\":\"2022-11-10T23:50:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn remains optimistic that its plans in UAE will bear fruit.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-expects-to-update-investors-on-its-uae-project-in-early-2023\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/island.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/island.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Al-Marjan Island in the United Arab Emirates. 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