Wynn Resorts (NASDAQ: WYNN) is steadily advancing its bold expansion strategy in the United Arab Emirates (UAE), with plans that extend well beyond its flagship Wynn Al Marjan Island development in Ras Al Khaimah. Scheduled to open in early 2027 at a cost of $5.1 billion, Wynn Al Marjan Island is set to be the Middle East’s first integrated resort with gaming. Yet recent disclosures highlight the potential for an even broader footprint—possibly including a second casino resort and the public listing of Wynn’s UAE holdings.
A Framework for Expansion
According to a 2024 agreement between Wynn Resorts, RAK Hospitality Holding, and Al Marjan Island LLC, the groundwork has already been laid for the development of another integrated resort on Al Marjan Island.
- The agreement explicitly states that Wynn SPV (or an affiliate) will be the sole casino operator should a second venue be built.
- Land for this future expansion is already earmarked:
- ~593,870 sq. ft. of existing land
- ~892,306 sq. ft. of additional reclaimed land adjacent to the first project.
- The deed to this property remains with Al Marjan Island LLC, while Wynn maintains a 40% stake in the joint venture through its UAE subsidiary.
This structure ensures Wynn’s exclusive operating rights in Ras Al Khaimah while protecting the interests of its Emirati partners.
Land Bank Strategy: CEO Signals Next Steps
On Wynn’s Q2 2025 earnings call, CEO Craig Billings underscored the company’s broader land position in Ras Al Khaimah:
“Don’t forget, we have a whole land bank there, and you shouldn’t be surprised over the course of the next year or so to hear us talk about using portions of that land bank.”
This reinforces Wynn’s long-term commitment to the UAE and signals that announcements regarding expansion could materialize in the near future.
IPO Pathway in the UAE
The agreement with local partners also outlines the potential for an initial public offering (IPO) of Wynn’s UAE operations. Provisions include:
- Formation of a joint stock company in line with local listing requirements.
- Potential merger of the JV Group and infrastructure entities to streamline governance.
- Flexibility to pursue a combination of structures, subject to shareholder approval.
This would give investors direct exposure to the UAE’s emerging integrated resort sector and provide Wynn with fresh capital to accelerate expansion.
Regulatory Realities and Timing
While the framework is in place, timing remains a critical factor. Regulatory consensus suggests that approval for a second gaming venue in the UAE is unlikely to come quickly, giving Wynn and its partners time to refine their strategy. Moreover, Wynn is contractually restricted from opening another gaming property elsewhere in the Gulf Cooperation Council (GCC) without shareholder consent, ensuring alignment among stakeholders.
Strategic Implications
- Positioning Ras Al Khaimah as a regional gaming hub: With Wynn at the helm, the UAE is on track to rival established global destinations such as Macau and Las Vegas.
- Diversification for Wynn Resorts: The UAE projects represent a critical avenue of growth outside the U.S. and Asia.
- Capital markets opportunity: An IPO would not only unlock value but also validate investor appetite for gaming in a new, tightly regulated market.
Bottom Line
Wynn Resorts’ investment in Ras Al Khaimah is more than just a single $5.1 billion casino resort—it is the foundation for a potential multi-property, publicly listed gaming empire in the Middle East. While regulatory timelines mean expansion will unfold gradually, the strategic intent is clear: Wynn is positioning itself as the exclusive pioneer of integrated resorts in the UAE, with both physical and financial infrastructure in place to scale.
