Wynn CEO Sees Massive Opportunity in UAE, Considers Vegas Options
Wynn CEO Sees Massive Opportunity in UAE, Considers Vegas Options
Wynn Resorts (NASDAQ: WYNN) CEO Craig Billings identifies significant potential in the United Arab Emirates (UAE), where the company is making swift advancements on its Wynn Al Marjan Island casino venture.
In a CNBC “Mad Money” interview, the CEO of Wynn stated to host Jim Cramer that the UAE could potentially compete with the Las Vegas Strip in revenue generated from gaming. That's an ambitious perspective for a market that has just recently authorized casinos.
"Several analysts have come out with gaming market estimates, ranging in the $5 to $8 billion range,” Billings told Cramer. “To put that in perspective, the Las Vegas strip, a little over $6 billion. So that’s a substantial market opportunity.”
According to certain analysts, the UAE might achieve a market size of $3 billion to $5 billion in annual gross gaming revenue (GGR) due to future contributions from additional integrated resorts. This would probably place it in a position to compete with Singapore for third place, while falling behind Macau and all of Las Vegas.
Wynn UAE Casino Quickly Progressing
Situated in Ras Al Khaimah, the $3.9 billion Wynn Al Marjan Island has been in development since last year and is anticipated to launch in early 2027.
The project is rapidly progressing with Billings informing Cramer that 42 of the 70 hotel floors have been finished and the construction team is completing one floor each week. Upon its opening, Wynn Al Marjan Island will feature 1,500 hotel rooms and 25 dining options, plus numerous other non-gambling facilities.
Last month, rumors emerged that the property might host more casinos than earlier anticipated. The venue seems to feature the typical main casino accessible to all guests, along with a sky gaming casino on the 22nd floor designed for high-stakes players. It is improbable that the property will feature a third gaming area.
It's evident that no matter the size of the gaming area at Wynn Al Marjan Island, the operator and its local partners will gain from a multi-year monopoly, as UAE regulators have indicated it will take several years before they permit another casino.
In January, Wynn revealed the purchase of Crown London casino from Crown Resorts. Although the financial value of that agreement is modest, it is considered crucial for enhancing the long-term direction of the UAE venue, as numerous Crown members have Arab roots, and London ranks among the top tourist spots for visitors from the Middle East.
Billings Talks About Wynn Expansion Strategies
Billings informed Cramer that Wynn might utilize its significant Las Vegas land holdings to potentially introduce another gaming facility in its primary market, although such intentions seem not to be immediate. The CEO mentioned that Wynn is "concurrently" contemplating the most effective way to allocate capital in Las Vegas, Thailand, and the UAE.
He characterized Thailand, where legislation for casino gaming is progressing, as an “intriguing” market where Wynn is in the “investigative phases.”
The operator is collaborating with Related Cos. on a proposal to obtain a gaming license in downstate New York.
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