Global casino operator Wynn Resorts has completed financing for its Wynn Al Marjan Island project in the UAE, securing construction funding through a $2.4 billion loan agreement with a global syndicate of lenders.
The secured term loan was provided to Wynn Al Marjan Island FZ-LLC, a subsidiary of the joint venture in which Wynn holds a 40% stake. The loan is denominated in a combination of AED and USD, with a term of seven years and an interest rate described as a “competitive market interest rate.” The structure of the agreement, which includes delayed financing, provides significant financial flexibility for the joint venture partners.
The lenders include leading regional and international financial institutions. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as Joint Coordinators of the financing. First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah were the Initial Mandated Lead Arrangers, Bookrunners, and Underwriters. Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger, and First Abu Dhabi Bank PJSC serves as the Agent and Security Agent for the lenders.
According to Wynn, this agreement represents the largest hospitality financing transaction in UAE history.
The company also provided a project update on Friday morning (Asia time), noting that 64% of the structural concrete is completed up to the 34th floor of the main resort tower, with elevator cores extending to the 36th floor. The construction team is completing one floor per week and plans to finish the topping-off by December of this year.
Once complete, the $5.1 billion Wynn Al Marjan Island resort will offer 1,542 rooms and suites, 22 restaurants, lounges and bars, a nightclub and beach club, a luxury shopping promenade, a signature Wynn spa, as well as a vast 39,000 square-foot poolscape adjacent to the beach and a 145,000 square-foot meetings and events center.
Currently, 1,226 rooms in the tower have been completed, with fit-out work underway in 1,121 of those rooms, including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing systems.
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