Wynn Resorts CEO: UAE Expansion, “Substantial Market Opportunity”

Last November, despite its less-than-ideal Q3 earnings report, NASDAQ-listed Wynn Resorts announced it would double down on its bold expansion plan aimed at the United Arab Emirates (UAE), specifically through its Al Marjan Island project in Ras Al Khaimah. Then, chief executive officer Craig Billings expressed optimism regarding the project set to launch in 2027.Now, during an interview on CNBC’s “Mad Money,” the CEO reiterated his belief that the UAE expansion represents a “substantial market opportunity” in the Middle Eastern country that could possibly rival the Las Vegas Strip’s gaming revenue.

Market Estimates Range Between $5 to $8BIn his interview with Jim Cramer, Billings argued that “several analysts have come out with gaming market estimates, ranging in the $5 to $8 billion range” for the UAE. “To put that in perspective, the Las Vegas Strip, a little over $6 billion,” he added. Other estimates suggest that, in the context of additional integrated resorts likely to follow suit, the UAE could trigger anywhere between $3 billion and $5 billion on a yearly basis.

The numbers would turn it into a direct competitor of Singapore for the world’s third-largest casino market title, trailing only Macau and Las Vegas.Rapid Progress at Wynn Al Marjan IslandWynn Resorts is at the forefront of this emerging market, with its $3.9 billion Wynn Al Marjan Island steadily shaping up.

Construction has been progressing rapidly since breaking ground last year, and t.