Wynn Resorts Limited (WYNN) has announced that Wynn Al Marjan Island, home of the UAE’s first casino, has obtained a $2.4bn construction facility with a global syndicate of lenders to finance the development of Wynn Al Marjan Island.
Wynn Al Marjan Island is located 50 minutes from Dubai International Airport in the emirate of Ras Al Khaimah.
The secured term loan facility, made available to Wynn Al Marjan Island FZ-LLC which is a subsidiary of the 40 per cent-owned joint venture, is denominated in a combination of AED and USD currencies, reflecting the bulk of the expected development expenditures to be incurred in AED.
Wynn Al Marjan Island announces funding for UAE casino
The term of the loan is seven years at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners.
The bank syndicate includes a mix of globally recognized regional and international lenders, including:
- Abu Dhabi Commercial Bank
- Deutsche Bank
- First Abu Dhabi Bank
- Emirates NBD
- National Bank of Ras Al Khaimah
- Sumitomo Mitsui Banking Corporation
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 past 100 days, the resort tower has grown approximately 140ft.
The resort will offer 1,542 rooms and well-appointed 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 underway 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.
Wynn Al Marjan Island will have twenty-two 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.
There will be an extensive 39,000sq ft poolscape adjacent to the beach. The 145,000sq ft meetings and events centre will include outdoor event terraces and lawns.
The theatre and a new resident show are also being created specifically for Marjan Island.
Follow us on
