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Several financial firms increased their stock-price targets for Wynn Resorts Ltd after visiting the construction site of the Wynn Al Marjan Island casino resort in the United Arab Emirates. The visit took place on December 4 during an analyst and investor tour that also included discussions about the local market and the project outlook.
Good to Know
- New analyst targets now range from 130 USD to 150 USD per share.
- Wynn Al Marjan Island retains a 5.1 billion USD budget with a Q1 2027 opening goal.
- Wynn Resorts holds a 40 percent equity stake and a renewable 15-year licence in Ras Al Khaimah.
Wynn Al Marjan Island sits on a 60-hectare artificial island in Ras Al Khaimah, about 50 minutes by road from Dubai International Airport. The development team includes Wynn Resorts with a 40 percent stake, along with Marjan LLC and RAK Hospitality Holding LLC.
Following the site tour, Wynn Resorts shares closed at 127.13 USD on Nasdaq. Brokerages that raised their targets cited strong political support for casino development in Ras Al Khaimah, the luxury positioning of the project and major improvements in regional tourism infrastructure. Target increases came from JP Morgan, Morgan Stanley, Macquarie and BofA Securities.
The company reaffirmed the 5.1 billion USD budget last week and maintained its objective to open the project in the first quarter of 2027. Wynn Resorts reported that 3.4 billion USD, or roughly two-thirds of the allocated budget, has already been spent or fully committed for construction and development costs.
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Progress on the tower structure remains a central milestone. In late November, the company said the 305-metre tower had reached the 70th floor, with roof deck construction under way.
Wynn Resorts holds the exclusive casino licence for Ras Al Khaimah, valid for 15 years and renewable. Forecasted annual gross gaming revenue for the integrated resort ranges between 1.00 billion USD and 1.66 billion USD, with an internal base case estimate of 1.33 billion USD.
The planned gaming area covers 225,000 square feet, which equates to 4 percent of total gross floor area. Wynn Resorts said there will be only one land-based casino licence permitted per emirate.
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