The desert skyline of Ras Al Khaimah is still rising, cranes still moving, and thousands of workers remain on site — but the UAE’s biggest casino resort project is beginning to feel the weight of regional instability.
Wynn Resorts has acknowledged that its $5.1 billion Wynn Al Marjan Island development will not arrive exactly on schedule, with executives pointing to disruptions linked to the ongoing Iran-US conflict and the ripple effects spreading across Gulf trade routes.
Chief executive Craig Billings described the setback as a “modest delay” during the company’s first-quarter earnings discussion, carefully avoiding any dramatic revision to the timeline while signalling that uncertainty in the region has complicated planning.
The luxury gaming resort — expected to become the UAE’s first integrated casino destination — had originally been targeting an early 2027 debut. Billings indicated the company is waiting for clearer regional stability before attaching a more precise timeframe to the delay.
Despite heightened tensions, work at the massive coastal development has not stopped. More than 22,000 workers are reportedly continuing construction across the 1,542-room resort complex. The bigger challenge, according to company executives, has emerged behind the scenes: shipping bottlenecks, rerouted cargo, and material sourcing complications following disruptions around the Strait of Hormuz.
Those detours are now inflating costs.
The company revealed it injected another $100.1 million into the project during the first quarter of 2026, pushing Wynn Resorts’ total equity contribution past the $1 billion mark.
Finance chief Craig Fullilove said the company is also continuing to tap into a $2.4 billion construction financing package arranged through a syndicate of lenders. Nearly $1 billion from that facility has already been drawn down for the project.
Even with rising costs, Wynn appears committed to expanding deeper into Ras Al Khaimah. Executives also referenced the upcoming Janu Al Marjan Island development, another joint venture planned for the emirate and expected to open toward the end of 2028.
The timing, however, comes amid growing scrutiny over the region’s economic exposure to geopolitical risk. Ratings agency Fitch Ratings recently placed Ras Al Khaimah on Rating Watch Negative, warning that prolonged instability in the Gulf could weigh on tourism growth and major investment projects if conditions worsen.
For now, the message from Wynn is clear: construction continues, confidence remains intact — but the Gulf’s geopolitical temperature is becoming impossible for developers to ignore.
