Al Marjan Island resort in the United Arab Emirates has been fully financed by Wynn.
Through the acquisition of a construction facility from a global syndicate of lenders, Wynn Resorts has successfully finalised the finance for its Al Marjan Island resort, which is located in the United Arab Emirates (UAE). The facility is valued at $2.4 billion (£1.93 billion/€2.31 billion).
The Island of Wynn Al Marjan
It was announced in January 2022 that the Wynn Al Marjan Island, which is currently under construction, will be the first integrated resort in the United Arab Emirates. According to the initial estimates, the total cost of the project would be roughly $3.90 billion; however, this figure has now climbed to approximately $5.10 billion.
Wynn has been looking for financial backing from a number of different areas in order to finance the project. In order to make the remaining portion of this cash accessible, a secured term loan facility will be made available over a period of seven years.
Both United States dollars and the dirham of the Arab Emirates will be used to finance the loan. The dirham will be used to pay for the majority of the anticipated development costs. If Wynn is to be believed, this transaction represents the largest hospitality finance deal in the history of the United Arab Emirates.
In addition to the Sumitomo Mitsui Banking Corporation, the Abu Dhabi Commercial Bank and Deutsche Bank served as joint coordinators of the financing round. Additionally, First Abu Dhabi Bank, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah are members of the larger bank syndicate that was formed.
As both an agent and a security agent for the lenders, First Abu Dhabi Bank is handling the situation.
Wynn anticipates reaching its peak peak in December.
A status update on the project's development was issued by Wynn alongside the confirmation of funding that was received yesterday, on February 6th. Up to the 34th story, approximately 64 percent of the structural concrete that needed to be installed in the main resort tower has been finished. This work had been completed fifty percent by the time the operator provided their most recent update in November.
As of right now, Wynn stated that the construction crew is finishing one level every week, with the end goal of finishing the building in December. The resort tower has expanded by roughly 140 feet over the course of the past one hundred days.
The resort will have a total of 1,542 rooms and suites once it is finished being built. Up to this point, eighty percent of all rooms have been finished. More than twenty percent of the window glazing on the outside facade has been completed, and the fit out process has begun in more than one thousand and one hundred and twenty rooms.
During the time that this article was being written, the concrete and steel structures that make up the low-rise portion of the building were a combined seventy percent finished. Improvements are also being made to the exterior facades and interior fit, as well as the construction of lifts and escalators throughout the entire complex.
Restaurants, lounges, and bars, a nightclub and beach club, a retail promenade, a theatre, and a theatre and events centre are some of the other on-site facilities that will be available at Wynn Al Marjan Island.
What are the other potential participants in the United Arab Emirates?
Wynn is the only operator that has still managed to obtain a casino licence in the United Arab Emirates. In October of the previous year, the General Commercial Gaming Regulatory Authority (GCGRA) was the entity that conferred the licence, which was the very first of its kind in the Emirate.
The Game, which is responsible for running the national lottery of the United Arab Emirates, and a number of supplier licenses, which are used to offer gaming machines and technology, are the only other licenses that have been awarded so far.
MGM Resorts has also shown an interest in being able to debut in the United Arab Emirates. At a Skift event in September, CEO Bill Hornbuckle disclosed that preparations had been made for a resort to be located in Abu Dhabi, and that an application for a permit is currently being processed.
On the other hand, in November, the chairman of the GCGRA, Jim Murren, stated that the regulatory body will take its time with relation to resort licensing. He stated that the authority is "concentrating on the establishments that we have already granted licenses to."
