Wynn Resorts, in partnership with RAK Hospitality Holding, has secured a $2.4 billion seven-year loan to finance the development of the Gulf region’s first casino resort on Al Marjan Island in Ras Al Khaimah, UAE. This financing marks the UAE’s largest-ever hospitality loan transaction.
The loan was provided by a syndicate of local and international lenders, including Abu Dhabi Commercial Bank, Deutsche Bank, First Abu Dhabi Bank, Emirates NBD Capital, and The National Bank of Ras Al Khaimah. Abu Dhabi Commercial Bank and Deutsche Bank acted as joint coordinators, while Sumitomo Mitsui Banking Corporation (Dubai) served as the lead arranger.
The $4 billion project will feature a 1,542-room hotel tower standing over 300 meters tall upon completion. As of now, 80% of the rooms have been constructed, with the structural concrete reaching the 34th floor and elevator cores up to the 36th floor. The construction team is adding one floor per week, aiming to top off the structure by December 2025. Additionally, 70% of the low-rise building structures are complete, and more than 20% of the exterior window glazing, comprising 13,734 panels, has been installed.
In October 2024, the resort was awarded a Commercial Gaming Facility Operator license, marking a significant milestone in the UAE’s hospitality sector.
The rapid progress of the Wynn Al Marjan resort underscores the UAE’s growing prominence in the global hospitality and gaming industries, reflecting the country’s commitment to diversifying its tourism offerings and attracting international visitors.