Wynn Resorts (NASDAQ: WYNN) CEO Craig Billings identifies significant potential in the United Arab Emirates (UAE), where the operator is swiftly advancing its Wynn Al Marjan Island casino initiative.
During an interview on CNBC's "Mad Money," the CEO of Wynn informed host Jim Cramer that the UAE could one day compete with the Las Vegas Strip regarding gaming revenue generated. That's an ambitious perspective for a market that has only just sanctioned 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.”
Certain analysts think that with inputs from additional integrated resorts later on, the UAE might become a $3 billion to $5 billion market regarding yearly gross gaming revenue (GGR). This could potentially position it to compete with Singapore for the third place, while remaining behind Macau and all of Las Vegas.
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 moving quickly, as Billings informed Cramer that 42 of the 70 hotel floors have already been finished, and the construction team is completing one floor each week. Upon its opening, Wynn Al Marjan Island will feature 1,500 rooms and 25 dining establishments, plus a variety of other non-gaming facilities.
Last month, rumors emerged that the property might have more casinos than initially anticipated. The venue seems to include the regular 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 is evident that no matter the amount of square footage designated for gaming at Wynn Al Marjan Island, the operator and its local collaborators will gain from a multi-year monopoly, as UAE regulators have indicated that it will take several years before they authorize another casino.
In January, Wynn revealed the purchase of the Crown London casino from Crown Resorts. Although the deal is modest in financial value, it is considered crucial for strengthening the UAE venue’s long-term outlook, as a significant number of Crown’s members have Arab roots and London ranks among the top tourist spots for visitors from the Middle East.
Billings informed Cramer that Wynn might utilize its significant Las Vegas land holdings to eventually introduce another gaming establishment in its primary market, although these plans do not seem to be on the horizon. The CEO mentioned that Wynn is "simultaneously" considering the most effective ways to allocate capital in Las Vegas, Thailand, and the UAE.
He referred to Thailand, where laws for casino gaming are progressing, as an “intriguing” market where Wynn is in the “investigative phases.”
The operator is collaborating with Related Cos. to pursue a gaming license downstate in New York.
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