Wynn Resorts Confirms Sept 2027 UAE Opening, Budget Up $600M on Iran Conflict

Wynn Resorts has confirmed that its Al Marjan Island integrated resort in Ras Al Khaimah will now open in September 2027, a delay of roughly six months from the original March 2027 target. The news came during the company's Q2 earnings call, where it also revealed that the project budget had swelled by an estimated $600 million.

Half of that cost overrun is directly attributed to the conflict in Iran, according to CEO Craig Billings. Work on the site was suspended in February after US and Israeli forces attacked Iran, and only resumed in March after safety measures were put in place.

The regional hostilities have had knock-on effects beyond the construction site. Dubai International Airport has seen reduced operations, and shipping bottlenecks in the Strait of Hormuz have disrupted supply deliveries and driven up prices across the region.

Despite these challenges, Billings told analysts that construction is now advancing at a rapid pace. Interior fit-out of hotel rooms is underway, with mechanical, electrical and finishing work moving in sequence. Preopening hiring and operations planning are also progressing.

Billings visited the UAE in June and said flights were full and day-to-day activity in Dubai was healthy. He described the project as one of a kind, and said he expects it to be the most exciting integrated resort opening globally in over a decade.

Wynn holds a 40% stake in the development. During Q2 it contributed $48.1 million, bringing its total cash injection to approximately $1.06 billion.

Deutsche Bank analyst Steven Pizzella said the market would react well to an official opening date. Having a concrete timeline allows investors to start anticipating the launch, he noted.

Wynn remains the only operator with a land-based commercial gaming licence in the UAE, having received the first such licence from the country's General Commercial Gaming Regulatory Authority in October 2024. Billings has previously said he expects two competitors to enter the market, with total gross gaming revenue estimated at $3 billion to $5 billion.

In a related development, Play971 recently became the first licensed online gambling site in the UAE, offering iGaming and sports betting services in Abu Dhabi.

For Malta's iGaming and investment community, the Wynn resort serves as a case study in how geopolitical risk can impact large-scale developments in emerging markets. The project's budget overrun and delay highlight the challenges of operating in a volatile region, even as the UAE positions itself as a new frontier for regulated gambling.