Wynn Resorts Limited has announced that Wynn Al Marjan Island has obtained a $2.4 billion construction facility with a global syndicate of lenders to finance the development of its integrated resort in Ras Al Khaimah, the first of its kind in the UAE.

Overlooking its own beautiful white sand beach with views of the Arabian Gulf and the distant Hajar Mountains, the resort is being developed by Wynn Resorts in partnership with Marjan and RAK Hospitality Holding. Wynn Design and Development is overseeing all facets of the project’s design and construction.

This landmark transaction represents the largest hospitality financing transaction in the history of the UAE, it said.

The bank syndicate includes globally recognised regional and international lenders. Abu Dhabi Commercial Bank and Deutsche Bank acted as Joint Coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank, Emirates NBD Capital, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank acted as agent and security agent for the lenders.

Project construction is proceeding well with 64 per cent of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor. The construction team is completing one floor per week, working toward a topping off in December of this year.  In the last 100 days, the resort tower has grown approximately 140 ft.

Wynn Al Marjan Island, expected to be completed in 2027, will offer 1,542 rooms and suites. To date, 1,226 guest rooms in the tower structure have been completed, or 80 per cent of the total. The exterior façade window glazing is progressing with 2,840 of 13,734 panels completed, which is more than 20 per cent of the total. Fit-out is under way in approximately 1,121 rooms – including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services. 

In the low-rise portion of the building, the concrete and steel structures are a combined 70 per cent complete.  Exterior facades and interior fit-out have commenced.  Elevator and escalator installation across the property is also progressing, the company said.

Wynn Al Marjan Island will have 22 restaurants, lounges and bars, as well as a nightclub and beach club. Guests will enjoy a luxury shopping promenade and a signature Wynn spa and salon.