Wynn’s Cash Contributions to UAE Project Reach $1.12 Billion
Key Facts
Wynn Resorts’ total cash contributions to its UAE project reached $1.12 billion through the end of the third quarter of 2026, after the company invested $62.2 million during the three months, according to results published on November 5. The figure reflects what the company has paid into the project to date, while the statement did not announce a new increase to its planned budget. The disclosure came alongside quarterly results showing declines in revenue and earnings compared with the same period last year. The company said Wynn Al Marjan Island in Ras Al Khaimah is expected to open in September 2027. That puts the UAE investment at the forefront of its ongoing expansion plans, as its existing operations faced revenue pressure.
Operating revenue was $1.69 billion in the third quarter of 2026, down $144.7 million from $1.83 billion in the corresponding quarter of 2025, according to the results statement. Net income attributable to the company fell to $17.3 million from $88.3 million a year earlier. Diluted earnings per share also declined to $0.17, compared with $0.85 in the third quarter of 2025. Property-level adjusted earnings before interest, taxes, depreciation and amortization were $464.2 million, down $105.9 million from $570.1 million a year earlier. These figures show that the revenue decline coincided with steeper drops in net income and earnings per share during the period.
Wynn attributed the decline in net income mainly to a $132.3 million year-on-year drop in operating income, saying the largest factor was lower casino revenue, partly offset by lower expenses. By destination, revenue fell $51.7 million at Wynn Palace and $45.8 million in Las Vegas operations compared with the third quarter of 2025. It also declined $30.1 million at Wynn Macau and $17.1 million at Encore Boston Harbor. The distribution of the declines indicates that pressure affected the company’s operations in Macau, Las Vegas and Boston, alongside the overall operating decline. The company’s statement did not link its contribution to the UAE project to a goal of offsetting this decline.
On project execution, Chief Executive Craig Billings said finishing work was continuing at the property, including the fit-out of all guest rooms, as the planned September 2027 opening approaches. The statement described substantial progress on finishing work, without changing the expected opening date. In an update issued in March 2026, the company had said construction resumed after a brief pause, and that it was in regular contact with the U.S. and Ras Al Khaimah governments and monitoring the situation to assess any further effects on the project. In the UAE, the General Commercial Gaming Regulatory Authority lists Island 3 AMI FZ-LLC, operating as Wynn Al Marjan, among licensees for land-based gaming facilities. The authority says conducting commercial gaming activities in the country requires a valid license from it.
On financing, Wynn’s financing subsidiary issued $900 million of senior notes in September 2026, bearing interest at 6.875% and maturing in 2035. The company used the net proceeds, together with available cash, to repay Wynn Las Vegas notes with an equivalent face value. This disclosure did not change the fact that the $1.12 billion reported in the third-quarter results represents cumulative cash contributions to the UAE project. WYNN shares closed at $79.32 on November 5, according to EL7 data. The company also declared a cash dividend of $0.25 per share for shareholders of record on November 16, payable on November 30, 2026.