Wynn Resorts has secured land rights for a potential second integrated resort on Al Marjan Island in Ras Al Khaimah, according to a shareholders' agreement filed with the US Securities and Exchange Commission and dated 21 June 2024.
The agreement between Wynn Resorts, RAK Hospitality Holding and Al Marjan Island designates a "Second Integrated Resort Plot" covering nearly 1.5 million square feet, including reclaimed land areas.
Under the terms of the agreement, Wynn or one of its affiliates would maintain exclusive operating rights should the site be developed into a casino resort.
The broader development masterplan outlined in the agreement encompasses additional plots beyond the second resort site. These include a "Janu Plot" measuring over 540,000 square feet and a "Luxury Hotel and Apartments Plot."
The Janu brand is connected to the Aman Group, in which Abu Dhabi sovereign wealth fund Mubadala holds an investment stake, though the fund's specific involvement in this project has not been confirmed.
According to Wynn's Chief Communications Officer Michael Weaver, the company will not evaluate development plans for the second site until after its initial Al Marjan Island property opens in 2027.
This first resort will house the Gulf region's inaugural legal casino facility.
The shareholders' agreement also establishes a framework for potential initial public offering or restructuring activities, though no such plans have been confirmed.
To safeguard the joint venture partnership, Wynn has agreed to restrictions preventing the launch of other branded properties within the Gulf Cooperation Council region for ten years post-opening, unless approved by its partners.
Trademark filings including "Encore Marjan Island" and "Marjan Strip" suggest Wynn's broader strategic vision involves creating a Las Vegas or Macau-style resort cluster within the emirate.
Industry estimates value the potential UAE gaming market between $3bn and $8.5bn
