Wynn Al Marjan: Luxury Resort at Record Speed
Wynn Al Marjan Island: Building a Luxury Paradise at Record Speed
The Wynn Al Marjan Island project, located in Ras Al Khaimah (RAK), UAE, is taking shape at a rapid pace, not only due to the speed of construction but also because of the ambitious plans behind it. The project, a joint venture between Wynn Resorts, Marjan, and RAK Hospitality Holding, will become one of the largest and most modern integrated luxury resorts in the region and the world. The $3.9 billion investment has recently been in the news due to its significant progress and development speed.
Construction at Record Speed
The construction of the Wynn Al Marjan Island resort is progressing rapidly. In the past 100 days, the resort tower has grown nearly 140 feet (about 42 meters), meaning a floor has been added each week. The project is currently at the 34th floor, with 64% of the main tower's concrete structure completed. The elevator cores reach up to the 36th floor, and the hotel will eventually feature 1,542 rooms and suites. So far, 1,226 guest rooms have been completed, accounting for 80% of the total.
Significant progress has also been made on the exterior facade, with over 2,840 of the 13,734 glass panels installed, marking a more than 20% completion rate. Interior work is also underway: interior finishes and the installation of mechanical, electrical, and plumbing systems are currently being conducted in 1,121 rooms.
Largest Financing in UAE History
Wynn Resorts recently announced securing a $2.4 billion (8.8 billion dirhams) loan for the development of the Wynn Al Marjan Island project. This transaction marks the largest hotel financing deal in UAE history. The loan was secured by a global banking syndicate coordinated by Abu Dhabi Commercial Bank and Deutsche Bank. Additional participants included First Abu Dhabi Bank, Emirates NBD Capital Limited, The National Bank of Ras Al Khaimah, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai.
The 7-year term loan was obtained at a competitive market interest rate, with its delayed draw structure providing significant financial flexibility for the joint venture partners. A portion of the loan is denominated in UAE dirhams, while another portion is in US dollars, reflecting the significant costs of development incurred in dirhams.
Unique Luxury and Entertainment Offerings
The Wynn Al Marjan Island will not just be a hotel but a true luxury experience complex. The resort will house 22 restaurants, bars, and lounges, as well as a nightclub and beach club. In addition to a shopping center, the building will feature an iconic Wynn spa and salon. The 39,000 square foot (about 3,623 square meters) pool terrace along the beachfront will provide an ideal place for relaxation and leisure.
The 145,000 square foot (about 13,470 square meters) conference and events center will host various events, including outdoor terraces and lawns. Additionally, the complex will feature its own theater and exclusive shows designed specifically for Marjan Island.
A New Era for the Gaming Industry
In October 2024, Wynn Resorts announced that the UAE's General Commercial Gaming Regulatory Authority (GCGRA) granted a Commercial Gaming Facility Operator license to the developer of the Wynn Al Marjan Island resort. This license is a significant milestone in the project's history and indicates the development of the UAE's gaming industry. With the resort's opening, Al Marjan Island will become the world's fourth-largest gaming market, attracting more tourists and investors to the region.
Conclusion
The Wynn Al Marjan Island project is remarkable not only for its rapid pace of construction but also for the ambitious plans behind it. The $3.9 billion investment is creating not just a luxury resort but a comprehensive lifestyle complex, setting a new standard in the UAE's tourism and entertainment industry. The record-breaking financing and rapid progression indicate that there remain many exciting developments ahead until the project's planned completion in 2027. Wynn Al Marjan Island is sure to become one of the UAE's most significant tourist destinations, opening new dimensions for economic and cultural development in the region.
