The first integrated resort in the UAE has moved a major step closer after Wynn Al Marjan Island obtained a $2.4bn construction facility to finance the development of Wynn Al Marjan Island.
Just 50 minutes from the Dubai International Airport, the resort could set the trend for the future of how gaming looks in the region.
Wynn has been one of the first movers within the enticing Middle Eastern market, as it looks to tap into one of the most flourishing global tourism economies.
Further enhancing the excitement around the project, the group detailed the construction is continuing to develop at a strong pace with 64% of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor.
Developments are also set to be continuing at a rapid rate in the UAE as one floor per week is set to be completed on the construction.
The group also detailed that in the last 100 days, the resort tower has grown approximately 140 feet.
The resort will offer 1,542 rooms and well-appointed suites. To date, 1,226 guest rooms in the tower structure have been completed, or 80% of the total. The exterior façade window glazing is progressing with 2,840 of 13,734 panels completed, which is more than 20% of the total.
The secured term loan facility, made available to Wynn Al Marjan Island FZ-LLC which is a subsidiary of the 40%-owned joint venture, is denominated in a combination of AED and USD currencies, reflecting the bulk of the expected development expenditures to be incurred in AED.
The bank syndicate includes a mix of globally recognized regional and international lenders. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as Joint Coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank PJSC is acting as Agent and Security Agent for the lenders.
Issuing its third quarter financial results last year, the group emphasised just how prosperous the project could be – describing it as “must-see”.
Craig Billings, CEO of Wynn Resorts, commented: “Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing.
“We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases.”
