Wynn confirms phased handover at Al Marjan Island for July 2027 and starts The Enclave in Macao

Wynn Resorts Ltd said it will hand over parts of the Wynn Al Marjan Island resort in the United Arab Emirates to the operating team in early 2027 and that the operation will have "full control" in July 2027; it also confirmed that construction of The Enclave at Wynn Palace, Macao, began in the third quarter and that opening is scheduled for early 2029. The company made the announcements during its third-quarter earnings call, on which Craig Billings, chief executive officer of Wynn Resorts Ltd, participated.

The Enclave in Macao: investment and schedule

Wynn detailed that The Enclave will be a hotel of 432 suites within Wynn Palace, in Macao's Cotai district, with a budget of US$950 million according to the May release. Craig Billings justified the investment citing strong demand: the firm operates its city hotels at around 99 percent occupancy.

"The challenge Macao has is that they don't have enough hotel rooms... You have a market that does five times the gaming revenue of the Las Vegas Strip, but has... 30 percent of the hotel rooms," Craig Billings said on the call.

Wynn Resorts Ltd is the parent company of Wynn Macau Ltd, the operator of Wynn Macau in the city centre and of Wynn Palace in Cotai. Billings stated that construction of The Enclave began in the third quarter and that opening is expected in early 2029. He added: "We run 99 percent occupancy. We tack on 432 suites, that's obvious EBITDA."

Contribution to Macao's diversification fund

Wynn Macau Ltd said in a Hong Kong presentation that its concessionary subsidiary, Wynn Resorts (Macau) Ltd, committed to contribute up to MOP1.37 billion (US$169.1 million) to a government "guidance fund" to support Macao's economic diversification. The company explained those contributions will be recorded as non-gaming investment and will count toward its committed concession investment obligations.

Chief financial officer Craig Fullalove added on the same call: "From an accounting standpoint... the benefit of the fund is that it ultimately will sit on balance sheet as opposed to within operating expenditure, so that's obviously better from an EBITDA standpoint." This accounting treatment improves the treatment relative to operating expense.

Wynn Al Marjan Island: progress and timeline in the Emirates

Wynn outlined the status of the Ras Al Khaimah project, Wynn Al Marjan Island, with a total estimated cost of US$5.7 billion, in which the company holds a 40 percent equity stake. The official resort opening date has been moved to September 2027 from the initial spring 2027 target, due to the US–Iran conflict in the region.

Billings noted that fit-out work was already under way and that the resort's first areas would be handed to the operating team in early 2027. Phased handover would continue through July and the operating team would have "full control" by late July, ahead of the September opening. Hiring of the operating team is "well underway," the CEO said.

"If the Emirates open as we believe they will... then we have a land bank there, and we should think about how we are going to use that land bank, because there are significant returns to be had," Billings said.

Billings defended the commercial opportunity in the Emirates despite regional uncertainty and said that, even with a 1,500-room hotel within the development, demand exceeds supply. He added it will be the only resort of its type within "thousands of miles" and highlighted the presence of a very wealthy local population, including expatriates accustomed to gaming and casino visits.

Comment on Nevada and taxation

When asked about potential increases in gaming taxes in Nevada after the US midterm elections, Billings said he was not worried. He noted that Democrats won majorities in the Senate and the House of Representatives in Tuesday's elections and that the new governor of Nevada is a figure with whom the company has a relationship and respect, so he expects governance in Nevada to remain stable.

Operational summary and upcoming milestones

• Construction of The Enclave began in the third quarter; opening expected in early 2029.

• The Enclave will have 432 suites and a budget of US$950 million.

• Wynn Resorts (Macau) Ltd committed up to MOP1.37 billion (US$169.1 million) to Macao's diversification fund.

• Wynn Al Marjan Island will cost US$5.7 billion; Wynn owns 40%; opening expected in September 2027 with full operational control in July 2027.

The financial details and timelines cited come from the third-quarter results presentation and Wynn Resorts Ltd's official communications.