Wynn Al Marjan could be Wynn Resorts’ biggest fee generator, CBRE says

Analysts believe that Wynn Al Marjan Island will thrive as the only casino licence holder for years, appealing to a lucrative blend of gaming and non-gaming patrons.

United Arab Emirates.- Analysts at CBRE Equity Research predict that Wynn Al Marjan Island could eventually become Wynn Resorts’ largest fee payer. Colin Mansfield and Connor Parks say the project could generate between US$1bn and US$1.66bn in annual gross gaming revenue and free cash flow of over US$300m.

Wynn Resorts holds a 40 per cent equity stake in Wynn Al Marjan Island, which is being built on a man-made island in Ras Al Khaimah. It will also earn management and licensing fees through its arrangement with Marjan LLC and RAK Hospitality Holding LLC.

The analysts noted: “The licence and management fees should flow directly to the parent entity, bypassing subsidiaries that have their own debt service and capex needs. Therefore, it is 100 per cent accretive to Wynn Resorts’ ability to fund shareholder returns.”

Wynn Resorts expects Ras Al Khaimah to generate adjusted EBITDA of at least US$465m based on a forecast of US$160m in management and licence fees and a US$100m share of annual free cash flow.

Wynn says its on track to open the complex in Q1 2027. On Monday, it celebrated the topping out of the project, with construction now at the 70th floor of the hotel tower. The venue has been awarded a 15-year renewable casino licence.

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See also: Wynn Al Marjan forecasts strong position in a $3–$5bn gaming market

Analysts believe that Wynn Al Marjan Island will thrive as the only casino licence holder for years, appealing to a lucrative blend of gaming and non-gaming patrons. United Arab Emirates.- Analysts…