Key points
- Wynn Resorts expects to decide around February 2027 how to position the opening of Wynn Al Marjan Island in Ras Al Khaimah.
- The UAE resort is still scheduled to open in September 2027.
- Wynn put $62.2m into the 40%-owned joint venture in Q3 2026, taking its total cash contribution to $1.12bn.
- Group operating revenues fell to $1.69bn in the quarter from $1.83bn a year earlier.
Wynn Resorts will decide around February 2027 how to open Wynn Al Marjan Island, its integrated resort in Ras Al Khaimah, CEO Craig Billings said on the company’s third-quarter earnings call on 5 November 2026. The resort, the first licensed casino project in the United Arab Emirates (UAE), remains on schedule to open in September 2027.
The Wynn Al Marjan Island opening decision
Billings told analysts the mix of guests the resort targets at launch will depend on demand from UAE residents, visitors from the Gulf region and long-haul travellers as the opening approaches. He described the country’s wealthy resident population as a reachable customer base and said some Western European travellers may be more cautious about visiting the Middle East.
“We’ll probably make that decision around February, but we have the playbooks for every single iteration of that today.”
Craig Billings, CEO, Wynn Resorts
Billings said conflict in the region and supply chain problems had delayed several hotel projects near the resort. He said Wynn Al Marjan Island could be “the only game in town” for a substantial period after it opens, and that the other hotels are expected to support growth over five to eight years once they are built.
Handover timeline
According to Billings, construction costs are now substantially locked in and room reservations will open “quite soon”. The development team will hand completed sections of the property to the operations team in early 2027, with full control passing in late July and most staff joining in the three months before opening.
Wynn contributed $62.2m in cash to the 40%-owned joint venture building the resort during the third quarter, bringing its life-to-date contributions to $1.12bn, according to its third-quarter results filed with the SEC. In its second-quarter update, the company had reported $1.06bn in total contributions and first set the September 2027 date.
The UAE’s General Commercial Gaming Regulatory Authority (GCGRA) granted the project the country’s first gaming operator licence in October 2024. EpicWins has tracked the build-out around the site, including the VVIP airport terminal for Wynn guests, and the regulator’s leadership, after the GCGRA appointed Ciarán Carruthers as CEO.
Third-quarter results
Wynn Resorts reported operating revenues of $1.69bn for the quarter to 30 September 2026, down $144.7m from $1.83bn a year earlier. Net income attributable to the company fell to $17.3m from $88.3m, and Adjusted Property EBITDAR dropped to $464.2m from $570.1m.
| Property | Q3 2026 revenue | Q3 2025 revenue | Q3 2026 Adj. Property EBITDAR |
|---|---|---|---|
| Las Vegas Operations | $575.2m | $621.0m | $158.8m |
| Wynn Palace | $583.8m | $635.5m | $165.8m |
| Wynn Macau | $335.4m | $365.5m | $89.5m |
| Encore Boston Harbor | $194.7m | $211.8m | $50.1m |
Figures for the quarter to 30 September, according to Wynn Resorts.
Billings said in the results statement that Wynn Las Vegas was hit by a hold rate below its expected range and that Encore Boston Harbor managed through a strike that began in early September.
What happens next
Wynn expects to settle the launch format around February 2027, and Billings said room reservations would open soon. Operations staff take full control of the property in late July 2027, ahead of the September 2027 opening.
