Wynn Resorts Ltd. said its $5.8 billion integrated resort in the United Arab Emirates will open next fall, even as regional conflict and other construction challenges have pushed the project’s budget up by $600 million.
The Las Vegas-based casino operator announced Tuesday during its second-quarter earnings report that Wynn Al Marjan Island is now expected to welcome its first guests in September 2027, marking the first firm opening window the company has provided for the development.
CEO Craig Billings said the company is moving ahead with the project despite geopolitical tensions in the region.
“Construction’s carrying on a normal course … and we’re looking forward to opening the doors,” Billings said during the company’s earnings call.
He said roughly half of the project’s $600 million budget increase stems from disruptions tied to the regional conflict, including higher shipping and insurance costs, supply-chain issues, staffing disruptions and the longer construction timeline. The remainder reflects trade coordination, remeasurement and other costs typical of a project of its size.
The company said construction has advanced into interior work, while hiring and operational planning are also underway.
Billings said the company decided to absorb higher costs rather than slow construction, saying, “What’s important is to get it open and earning EBITDA. The return profile from our perspective still remains very, very strong.”
He also said the company continues to believe the resort will be “the most exciting integrated resort opening globally in over a decade.”
The resort is being developed through a joint venture in which Wynn owns a 40 percent stake. During the second quarter, Wynn contributed $48.1 million to the project, bringing its total cash investment to $1.06 billion. The higher budget will require Wynn to contribute about $240 million in additional equity over the remainder of construction, executives said.
Despite concerns about ongoing conflict in the Middle East, Billings said conditions in the UAE remain stable.
“I traveled to the UAE in June and saw the progress firsthand,” he said during prepared remarks. “My flights were full, and day-to-day activity in Dubai was healthy.”
For the quarter ended June 30, Wynn reported net income attributable to the company of $140.1 million, or $1.32 per diluted share, compared with $66.2 million, or 64 cents per share, a year earlier. Revenue increased 6.9 percent to $1.86 billion from $1.74 billion.
The company’s Las Vegas operations generated $643.2 million in revenue during the quarter, up 0.7 percent from a year earlier, while adjusted property EBITDA declined 8.3 percent to $215.2 million.
Billings said May was exceptionally strong in Las Vegas and said the company’s luxury customer has remained resilient despite broader concerns about the market.
Looking ahead, he said Wynn is pacing ahead of last year for the Formula One Las Vegas Grand Prix weekend and continues to see strong group bookings, with 2026 pacing ahead of last year and 2027 also tracking well.
“We remain positive about the business in Las Vegas,” he said.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
