Wynn Al Marjan Island: The $5.7 Billion Gamble That Could Surprise Everyone

Dr. Annelies De Vos · 2026-10-12

Wynn Resorts is placing a massive bet on the Middle East. Their $5.7 billion Wynn Al Marjan Island project in Ras Al Khaimah, UAE, is set to open in 2027. But according to Wolfe Research, this resort might not just meet expectations—it could blow them out of the water. ### Why Analysts Are Bullish on Wynn Al Marjan Wolfe Research analyst Peter Supino recently shared his take: the UAE market could mirror Singapore's success. In Singapore, limited casino licenses and a flood of international tourists turned Marina Bay Sands and Resorts World Sentosa into cash machines. Supino thinks Wynn Al Marjan could follow a similar path. "The setup in the UAE looks a lot like early Singapore," Supino noted. "Restricted supply plus high-end tourism usually means strong pricing power." Wynn has projected annual gaming revenue of up to $1.66 billion for the property. But Wolfe's analysis suggests that number might be conservative. If the UAE captures even a fraction of the high-roller traffic that currently goes to Macau or Singapore, the upside could be substantial. ### What Makes the UAE Different? The UAE isn't Las Vegas. It's not Macau either. It's a unique blend of luxury tourism, business travel, and a growing expat population. Dubai alone welcomed over 17 million international visitors in 2023. Ras Al Khaimah, where the resort will be located, is a 45-minute drive from Dubai and already a popular getaway for beachgoers and adventure seekers. - **Limited competition:** The UAE has only a handful of casino licenses in the pipeline, and Wynn is first out of the gate. - **High spend per visitor:** Tourists in the Gulf tend to spend big—on hotels, dining, and entertainment. - **Strategic location:** A short flight from Europe, India, and Africa, making it accessible to millions of potential customers. ### The Risks Aren't Zero Of course, nothing's guaranteed. The UAE has strict laws around gambling, and the project required special approval. There's also the question of whether the region can attract enough high rollers to justify the $5.7 billion price tag. Plus, global economic headwinds could dampen travel demand. But Wolfe's team believes the risk-reward is skewed to the upside. If Wynn Al Marjan performs like Singapore's integrated resorts, it could add billions to Wynn's bottom line. ### What This Means for Wynn Wynn Resorts has been on a rollercoaster since the pandemic. Macau's recovery has been slower than hoped, and Las Vegas is facing new competition from emerging markets. A successful UAE project could diversify revenue and give the company a new growth engine. Investors seem cautiously optimistic. Wynn's stock has ticked up since the Wolfe report, though it's still well below its pre-2020 highs. If the UAE delivers, that could change. For now, all eyes are on Ras Al Khaimah. The first concrete pour is done, and the resort is on track to open in 2027. If Wolfe's analysis is right, Wynn Al Marjan Island might not just be another casino—it could be the new crown jewel of the Middle East.