Wynn is currently preparing for the 2027 opening by hiring staff for its Ras Al Khaimah property, which includes gaming facilities subject to UAE regulatory approval. The company has already arranged a substantial portion of its financing.
According to Owusu, Wynn Al Marjan Island FZ-LLC—the project subsidiary—is party to a $2.4 billion delayed-draw secured term loan. The remaining equity requirement, estimated at $600 million to $675 million, leaves Wynn with what he describes as “flexibility to finance the project.”
Owusu added that operators of Wynn’s scale have various financing channels available. “As long as the capital markets are functioning, operators like Wynn should have options to finance large-scale projects, through investments like syndicated banks or US real estate investment trusts,” he noted.
Looking ahead to project returns, Owusu said a new-build resort of this scale could reasonably break even within about three years after opening.
“In terms of actual return, I think investors are probably targeting at least mid-teens percent, but that is speculative,” he said. His comments reflect current investor expectations surrounding resorts that enter new, high-growth markets with a controlled gaming footprint.
Recent reports suggest Wynn has secured a second site in the UAE for a potential phase-two expansion. Owusu said any additional commitment should depend on whether incremental capital can generate attractive returns.
“Wynn should evaluate capital commitments in the UAE based on how they see return on incremental invested capital,” he said.
Key considerations include forecast visits, spending per visit, margins, and additional capital needed to maintain or grow the development. From a credit standpoint, he added, “the company will try to seek the cheapest form of capital available.”
Market potential is another factor supporting credit market enthusiasm. Wynn expects the UAE to generate $3 billion to $5 billion in gross gaming revenue annually once the market matures.
“The question would be what percent of that revenue can Wynn capture, and at what cost,” Owusu said, noting that Las Vegas GGR reached $15.6 billion in 2024 for comparison.
Owusu also highlighted the UAE’s growing tourism base and demographic scale. “In terms of size and growth, Macau gets the most visitors, but UAE is growing in popularity and has around 10 million people versus Macau’s 700,000 and Singapore’s 6 million,” he said.
Asked whether institutional investors are already positioning for Middle East expansion, Owusu said equity markets are clearly responding. “I think equity markets are definitely pricing in the Middle East as a new growth region,” he said.
However, the outlook is not without risks. The speed of regulatory approvals—including the UAE’s phased approach to gaming permissions—will shape near-term development.
Over the next three to five years, Owusu expects tourism growth to be the main credit catalyst if the market opens gradually. But he also warned that “the state of the global economy is a key risk since any asset in UAE will be heavily reliant on international tourism.”
Beyond macroeconomic conditions, he added, “given the reliance on international tourism, the UAE’s reputation is another key factor.”
Dingnews.com 17/11/2025