Wynn Resorts Buys 70 Acres of Land in UAE For 'Future Development'
Skift Take
Wynn Resorts has just closed a deal to buy another 70 acres of land on Ras Al Khaimah's Marjan Island, giving the operator a total of 155 acres and ownership of a quarter of the entire island. Wynn is already developing a $3.9 billion resort in the emirate.
Of these 155 acres, Wynn now owns 40% of the land, while the other owners are Marjan — the developer of the island — and RAK Hospitality Holding, a state-owned hotel portfolio. To date, Wynn has put $514.4 million into the project.
CEO Craig Billings told investors during the quarterly earnings call on Tuesday: "During the second quarter, we contributed $357 million of equity to our UAE joint venture. This transaction included the purchase of our 40% pro rata share of all 155 acres of Island Three, the island on which Wynn Al
