TLDR
- CBRE expects Wynn Resorts to receive about $355 million in annual cash flow from Wynn Al Marjan Island once the resort stabilizes in 2031.
- The projection reflects a 22% unlevered annual return on Wynn’s equity investment in the joint venture.
- Wynn Resorts has invested about $1.06 billion so far and still owes an estimated $525 million to $650 million more.
- The project’s budget rose by $600 million, with Wynn covering $240 million of that increase based on its 40% ownership stake.
- The opening date has shifted to September 2027, about six months later than originally planned.
Wynn Resorts could see about $355 million in yearly free cash flow from its Wynn Al Marjan Island project once the resort stabilizes in 2031. That estimate comes from real estate firm CBRE, which has been tracking the property’s progress in the United Arab Emirates.
The cash flow figure reflects money that would reach Wynn Resorts through management fees and dividends. It does not represent the total cash the resort itself would generate on its own.
CBRE says this level of cash flow would equal a 22% unlevered annual return on Wynn’s equity investment in the project. That is a strong number for a hospitality investment of this size.
Wynn’s Financial Commitment
Wynn Resorts has already put about $1.06 billion into the joint venture behind the project. The company still needs to contribute an estimated $525 million to $650 million more.
Once fully funded, Wynn’s total investment will land between $1.59 billion and $1.71 billion. The project recently saw its budget rise by $600 million, and Wynn is responsible for 40% of that increase, or $240 million, matching its ownership stake.
CBRE said about half of the extra cost stems from disruption tied to the conflict involving Iran. The rest comes from normal cost increases that happen with large construction projects.
The new budget is roughly 11% higher than earlier plans. The opening date has also shifted to September 2027, a delay of about six months from the original schedule.
CBRE described both the delay and the cost increase as fairly small given the unrest in the region. The firm has not changed its long term outlook on the project because of these changes.
Tourism Growth In Ras Al Khaimah
CBRE pointed to tourism data from Ras Al Khaimah, the emirate where the resort is being built. The area recorded record tourist arrivals during the first half of 2026.
Domestic visitor numbers rose 47% year over year during that period. CBRE said this growth shows the local market can hold up even during regional tension.
The firm also noted that Wynn Al Marjan Island will be the only major integrated resort casino in a large and growing market. That lack of competition is part of why CBRE remains confident in the property’s long term earning potential.
CBRE’s analysis centers on the money that flows back to Wynn Resorts through its role as both an equity partner and manager. It does not measure the resort’s total revenue or profit once it opens.
The brokerage also said ongoing volatility in the Middle East could still affect the project’s timeline. Regional instability remains one of the biggest factors that could push the opening date further.
For now, the September 2027 target stands, though the recent budget and schedule changes show how sensitive the project is to outside events. The extra $600 million in costs shows the price of building large resorts in the region.
Wynn Resorts owns 40% of the joint venture behind Wynn Al Marjan Island. The project remains a central part of the company’s plan to expand outside the United States.
