Wynn, UAE partners secure land for possible second casino resort in Ras Al Khaimah

Wynn Resorts and its partners in the United Arab Emirates have secured land rights for a potential second integrated resort (IR) with a casino in Ras Al Khaimah, alongside provisions that could allow an eventual initial public offering (IPO) of their joint venture.

The agreement with local partners RAK Hospitality Holding LLC and Al Marjan Island LLC covers several development sites on Al Marjan Island, including a “Second Integrated Resort Plot” spanning 593,870 square feet of existing land and another 892,307 square feet to be reclaimed, bringing the total to nearly 1.5 million square feet, as reported by Arabian Gulf Business Insight (AGBI).

According to the pact, “Wynn SPV (or an Affiliate of it) shall be the casino operator of any casino developed on the Second integrated resort (IR) Plot and Wynn SPV (or an Affiliate of it) shall remain the sole casino operator for the Second IR Plot.”

Through a local unit, Wynn holds a 40% stake in the venture and will also earn a management fee. The company already has a $5.1 billion property under construction on Al Marjan Island, due to complete in early 2027, with an exclusive, renewable 15-year casino licence for Ras Al Khaimah. Wynn has said the resort could generate at least $1.33 billion in annual gross gaming revenue.

Chief Executive Craig Billings said on an August earnings call the group’s “priority right now is the UAE,” noting: “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.”

Still, Wynn’s chief communications officer, Michael Weaver, told Arabian Gulf Business Insight (AGBI) that no decisions would be made on plans for the second plot until after the opening of the first property in 2027.

The agreement also outlines mechanisms for a possible IPO, including converting the venture into a public joint stock company, forming a new holding structure, or merging with another entity. Weaver said no decision has been made on pursuing a listing.

Industry analysts note that any approval for a second UAE casino is likely years away, with Wynn also restricted from developing another Gulf Cooperation Council (GCC) gaming venue without shareholder approval.