Casino behemoth Wynn Resorts is doubling down on its investment in Wynn Al Marjan Island, the lavish integrated resort being developed in Ras Al Khaimah, United Arab Emirates. This decision follows the recent acquisition of the region’s inaugural commercial gaming license.

Originally slated to cost $3.9 billion, the budget for this opulent project has been upped by 31% to a whopping $5.1 billion. This financial update was disclosed in an investor presentation released on October 8, shortly after the General Commercial Gaming Regulatory Authority (GCGRA) of the UAE granted Wynn Resorts its milestone gaming license.

The revised budget accounts for additional fees and interest, with construction costs estimated at around $4.55 billion. A substantial portion of the funding will be sourced from $2.4 billion in debt financing. With a target opening date set for 2027, Wynn Al Marjan Island is expected to redefine luxury in the region.

Wynn Resorts’ optimistic outlook on the UAE gaming market is reflected in their continued investment in the country. Industry experts at Morgan Stanley project an annual gross gaming revenue potential of $3 to $5 billion, underscoring the lucrative opportunities awaiting Wynn Al Marjan Island upon its grand unveiling.

In the words of a Wynn representative, “We are confident in the future success of Wynn Al Marjan Island and are committed to delivering a world-class gaming and hospitality experience in the United Arab Emirates.” The increased budget reflects their dedication to creating a flagship property that will set new standards in luxury and entertainment.