Press release
Financing for Wynn Al Marjan Island Completed
Significant Milestone Toward the Resort’s 2027 Opening LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (WYNN) today announced that Wynn Al Marjan Island
About this update from Wynn Resorts, Limited
[{"type":"text","content":"\nSignificant Milestone Toward the Resort’s 2027 Opening\n\n\n LAS VEGAS--(BUSINESS WIRE)--\nWynn Resorts, Limited (WYNN) today announced that Wynn Al Marjan Island has obtained a $2.4 billion construction facility with a global syndicate of lenders to finance the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates. Wynn Al Marjan Island is located 50 minutes from Dubai International Airport in the emirate of Ras Al Khaimah.\n\n\nThe secured term loan facility, made available to Wynn Al Marjan Island FZ-LLC which is a subsidiary of the 40%-owned joint venture, is denominated in a combination of AED and USD currencies, reflecting the bulk of the expected development expenditures to be incurred in AED. The term of the loan is seven years at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners.\n\n\nThis landmark transaction represents the largest hospitality financing transaction in the history of the United Arab Emirates.\n\n\nThe bank syndicate includes a mix of globally recognized regional and international lenders. Abu Dhabi Commercial Bank PJSC and Deutsche Bank AG acted as Joint Coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank PJSC, Emirates NBD Capital Limited, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank PJSC is acting as Agent and Security Agent for the lenders.\n\n\nProject construction is proceeding well with 64% of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor. The construction team is completing one floor per week, working toward a topping off in December of this year. In the last 100 days, the resort tower has grown approximately 140 feet.\n\n\nThe resort will offer 1,542 rooms and well-appointed suites. To date, 1,226 guest rooms in the tower structure have been completed, or 80% of the total. The exterior façade window glazing is progressing with 2,840 of 13,734 panels completed, which is more than 20% of the total. Fit out is underway in approximately 1,121 rooms – including walls, flo...