Wynn Resorts Ltd is focused on developing Wynn Al Marjan Island in the United Arab Emirates while keeping an eye on potential casino expansion in Thailand. CEO Craig Billings confirmed that the company remains engaged in Thailand but emphasized that it is still early in the process.
“We are active in Thailand, though it’s early days,” Billings said during an earnings call following the company’s fourth-quarter results. He explained that the firm wants to be in a strong position to participate if Thailand moves forward with casino legalization.
Thailand’s cabinet approved the Entertainment Complex Bill on January 13, a step toward legalizing casinos within entertainment complexes. The draft legislation is currently under review by the country’s law-advisory body, the Council of State, before it moves to the lower house of the National Assembly for further discussion and approval.
Billings did not provide details on how Wynn Resorts would structure a potential investment in Thailand but clarified that it would be managed through a subsidiary of the U.S.-listed Wynn Resorts Ltd.
Focus on Al Marjan and New York
While Thailand remains a possible future opportunity, Wynn Resorts continues to prioritize its major projects, including the casino resort on Al Marjan Island. Billings stated that construction is advancing rapidly, with work reaching the 35th floor of the hotel.
“We believe the UAE will be a US$3 billion to US$5 billion gaming market over time, and certainly the most exciting new market for our industry in a decade,” he said.
The project, which is expected to be completed in 2027, includes 1,542 rooms and suites, 22 restaurants, bars, and lounges, a shopping promenade, and entertainment venues such as a nightclub and beach club. Wynn Resorts holds a 40 percent stake in the development alongside local partners Marjan LLC and RAK Hospitality Holding LLC. The company has secured an exclusive, renewable 15-year casino license for Ras Al Khaimah and projects that the property could generate at least US$1.33 billion annually in gross gaming revenue.
In addition to Al Marjan Island, Wynn Resorts is also pursuing opportunities in New York. Billings highlighted the company’s disciplined approach to potential investments, stating, “We’re active in New York but … we’re being very disciplined in terms of how we think about New York.”
Expansion in London
To support its brand and expand its customer base, Wynn Resorts recently moved to acquire Crown London (Aspinalls), a members-only casino in London’s Mayfair district. The acquisition, announced in January, is expected to close in the second half of 2025.
“This acquisition was really about establishing a presence in a key global gateway city and a part of the world, where – when taken together with Al Marjan Island – we’re building a meaningful business,” Billings explained.
He added that the London casino would help the company reach high-net-worth individuals who could become future guests at Wynn Al Marjan Island. “When you put the two properties together, they’re going to serve an area which is home to 2.5 billion people and 40 percent of the world’s millionaires,” he noted.
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