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Wynn Al Marjan RAK: Dh8.8bn Loan Secured as Resort Tower Reaches New Heights
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Wynn Al Marjan RAK: Dh8.8bn Loan Secured as Resort Tower Reaches New Heights

Discover how Wynn Al Marjan Island, RAK’s first integrated resort, secured UAE’s largest hospitality financing while construction progresses at remarkable speed.

Vadim Kouznetsov
2–3 minutes
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The Wynn Al Marjan Island resort in Ras Al Khaimah (RAK) is racing skyward at an impressive pace, adding one floor weekly while securing a landmark Dh8.8 billion financing deal. This development marks a significant milestone in the UAE’s hospitality sector.

Swift Construction Progress

Recent reports from Wynn Resorts highlight remarkable construction advancement, with the resort tower gaining approximately 140 feet in height over just 100 days. The project has achieved several key milestones:

  • The concrete structure is 64% complete, reaching the 34th floor of the main resort tower
  • Elevator cores extend to the 36th floor
  • 1,226 guest rooms (80% of total) are structurally complete
  • Over 2,840 exterior façade window panels installed
  • Interior fit-out progressing in 1,121 rooms

Historic Financial Achievement

The project secured a Dh8.8 billion (US$2.4 billion) loan from a global banking syndicate, representing the UAE’s largest hospitality financing transaction to date. Key financial aspects include:

  • 7-year loan term at competitive market rates
  • Structured as a delayed draw facility
  • Combined UAE dirham and US dollar denomination
  • Led by Abu Dhabi Commercial Bank and Deutsche Bank as joint coordinators

Project Overview

The US$3.9 billion integrated resort, a collaboration between Wynn Resorts (40% stake) and local partners Marjan and RAK Hospitality Holding, will feature:

  • 1,542 rooms and suites
  • 22 dining venues, lounges, and bars
  • Nightclub and beach club
  • Shopping promenade
  • Signature spa and salon
  • 39,000 sqft poolscape
  • 145,000 sqft meetings and events centre

Regulatory Milestone

In October 2024, the project achieved a crucial regulatory breakthrough when the UAE’s General Commercial Gaming Regulatory Authority (GCGRA) granted a Commercial Gaming Facility Operator licence to the development entity.

Looking Ahead

With construction on track for completion in 2027, Wynn Al Marjan Island is positioned to establish RAK as the fourth-largest major gaming market globally, while significantly boosting the emirate’s luxury tourism offerings.

This article was updated on February 7, 2025, with the latest construction and financing details.

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