Wynn is investing vast sums and aiming to monopolize the Al-Marjan resort.
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In a strategic move, Wynn Resorts has announced the acquisition of an additional 70 acres of land adjoining its existing resort site in Ras Al Khaimah, strengthening its monopoly potential in the United Arab Emirates' burgeoning casino market.
The land purchase expands Wynn's "land bank" in the region, allowing the company to potentially develop more projects beyond its initial Al Marjan Island resort, scheduled to open in 2027. With the UAE’s first exclusive 15-year casino license granted to Wynn in 2024 and no other licenses issued yet, the company is expected to remain the only casino operator in the country "for quite some time," giving it a significant monopoly window in a high-value market.
The exclusive license and expanded land holdings position Wynn to capitalize on the high spending power of the UAE’s affluent residents and international luxury travelers, securing a dominant foothold in the region before any competitors, such as MGM Resorts, can enter. Analysts predict the market to initially generate up to $5 billion a year but potentially rise to $8 billion, and with no other competitors licensed for the foreseeable future, Wynn’s expanded land holdings provide flexibility for future growth projects that would further cement its dominant market position.
Wynn Resorts recently published an update on Wynn Al Marjan alongside its second quarter 2025 results. The company aims to capitalize on the first Gulf casino market from day one with Wynn Al Marjan. Despite a slight dip in net income, down to $66 million from $111 million in the same period last year, the company reported operating income of $1.74 billion in the second quarter, in line with analyst expectations.
The Wynn Al Marjan project, set to be the only casino in the United Arab Emirates for several years after its opening in 2027, will feature alliances with the nightlife sector before its inauguration. Construction of the project has reached the 60th floor and is expected to be completed by the end of 2025. Wynn Resorts plans to showcase the progress of the project later this year by hosting an investor day in the United Arab Emirates.
Meanwhile, MGM Resorts International, another major player in the gaming industry, has a $2.5 billion beachfront project under development in Dubai, but it has not yet received regulatory approval for gaming.
In a bid to further strengthen its position, Wynn Resorts declared a $0.25 per share dividend and repurchased approximately 2 million shares for $158 million during the quarter. The company's stock price barely reacted to the results, rising 0.02% in post-market trading to $107.23. Wynn Resorts' earnings per share (EPS) came in at $1.09 in its second quarter 2025, below the $1.20 projected, representing a negative surprise of 9.17%.
Despite the minor setback, Wynn Resorts' CEO, Bill Hampton, described Wynn Al Marjan as "the most attractive development opportunity in the industry." The company is confident about its future in the UAE's casino market and looks forward to its continued growth and success.
Sports fans in the UAE might find the expansion of Wynn Resorts' land holdings in Ras Al Khaimah intriguing, as it could potentially include sporting facilities along with future resort projects. The exclusive casino license granted to Wynn Resorts for 15 years and the vast amount of land available could provide unique opportunities for hosting international sporting events and attracting major sports tournaments, offering a blend of sports and luxurious casino experiences.
