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Wynn Resorts CEO Craig Billings said the $5.1 billion Wynn Al Marjan Island casino project in Ras Al Khaimah, previously scheduled to open in early 2027, will face a “modest delay” due to the ongoing US-Iran conflict.
Billings confirmed the news during the company’s Q1 earnings call on Thursday.
“I use the word modest very, very intentionally because that’s what we believe it will be,” Billings said. “We don’t want to size that until we have kind of a real view on stability.”
Despite a near-month long ceasefire in place, the UAE faced renewed missile threats this week which also resulted in a fire breaking out at petroleum complex in Fujairah on Monday following an Iranian drone attack.
According to Billings, construction has continued at the 1,542-room gaming resort “throughout the entire series of events” with over 22,000 workers on site, but the project has faced logistical and shipping challenges with supply chain disruptions due to the closure of the Strait of Hormuz.
Rerouting shipments and sourcing alternative materials where needed, have driven up project costs, Billings said.
According to its latest numbers, the company contributed $100.1 million in equity to the Wynn Al Marjan Island project during Q1 2026, bringing its total equity contribution to date to $1.01 billion.
Wynn Resorts CFO Craig Fullilove addressed the $2.4 billion loan availed from a syndicate of lenders for the development of Wynn Al Marjan Island FZ-LLC, saying: “We also continue to draw on the Marjan construction loan with the drawn amount to date of $962.3 million."
He added that the company estimates its remaining share of required equity, including the new Janu project at approximately $350 million-$450 million, referring to Wynn Resorts’ and Marjan’s second JV development in the emirate, Janu Al Marjan Island, that is scheduled to open late 2028.
Last month, Fitch placed the emirate of Ras Al Khaimah on a Rating Watch Negative citing geopolitical and security risks with a potential negative impact on the emirate's medium-term growth outlook, particularly if prospects for key development projects are materially affected.
(Writing by Bindu Rai, editing by Seban Scaria)
