Wynn Resorts obtained a $2.4 billion construction loan to develop Wynn Al Marjan Island which will be the UAE’s initial casino resort situated near Ras Al Khaimah. The financing arrangement with banks from a worldwide syndicate becomes the biggest ever hospitality funding deal within UAE borders.
A stalled draw term loan lasting seven years ensures financial adaptability for the joint venture that Wynn owns 40%. Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Deutsche Bank, Emirates NBD and Sumitomo Mitsui Banking Corporation serve as major lenders for this deal.
Rapid Construction Progress
The hotel complex builds rapidly as it has finished 64% of structural concrete work up to the 34th floor and has elevator cores extending to 36 stories. The development adds one floor each week until it reaches its topping-off stage in December.
Other key construction updates:
1,226 guest rooms (80%) are complete
2,840 out of 13,734 façade panels installed
70% of the low-rise structure finished
Interior fit-out underway in 1,121 rooms
World-Class Amenities
The resort development at Wynn Al Marjan Island includes 22 dining establishments and lounges and bars and a nightclub and beach club and luxury shopping promenade and signature Wynn spa. The resort will also include:
A massive 39,000 sq. ft. poolscape
A 145,000 square feet events facility offers outdoor terrace space for guests.
Guests will enjoy entertainment at the modern theater which hosts unique entertainment events.
Positioned only 50 minutes away from Dubai International Airport Wynn Al Marjan seeks to establish itself as a worldwide entertainment hub that will dominate Middle Eastern luxury standards.
