• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 21 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

CBRE: Wynn’s UAE resort could generate almost US$1.4 billion in annual GGR

Ben Blaschke by Ben Blaschke
Thu 6 Jun 2024 at 05:36
Wynn unveils first design images of UAE resort, to be named Wynn Al Marjan Island

A rendering of Wynn Al Marjan Island

89
SHARES
2.2k
VIEWS
Print Friendly, PDF & Email

A US$4 billion integrated resort being developed by Wynn Resorts on Al Marjan Island in the United Arab Emirates is seen generating gross gaming revenues of US$1.38 billion annually, with net revenues reaching US$1.8 billion, according to a new report by CBRE Institutional Research.

The report, titled “United Arab Emirates: The next gaming frontier”, also outlines CBRE’s expectation that the property in Ras Al Khaimah should ramp quickly given the current lack of gaming supply in the region.

According to analysts John DeCree, Colin Mansfield, Connor Parks and Max Marsh, Wynn Resorts can expect to generated free cash flow of around US$356 million by 2030, calculated on its 40% equity contribution and management contract. Property EBITDARM (Earnings Before Interest, Taxes, Depreciation, Amortization, Rent, and Management Fees) is estimated at US$921 million annually.

“We can’t help but get more bullish upon returning from our trip [to the UAE],” the analysts wrote, adding that they expect Wynn’s property to stabilize within three years.

“However, it could be much quicker. We have seen first-to-market properties like Marina Bay Sands and Sands Macao ramp much quicker given the historical lack of gaming supply in those markets.”

CBRE has also estimated the total addressable market for GGR in the UAE at US$8.5 billion, while a base case in which three IRs are developed – potentially one each in Abu Dhabi, Dubai, and Ras Al Khaimah – is pegged at US$6 billion annually.

“With a population of 9.7mm people (~88% expats), a robust tourism industry with ~25mm annual visitors and a high propensity to spend, virtually no gaming competition in the region, and an expectation for an operator-friendly regulatory regime, the UAE presents one of the best IR investment opportunities we have seen in a long time,” the analysts said.

The report also highlights the significance of margins, describing margin potential as the “more under-appreciated” part of the UAE story.

“We have seen consensus forming in the mid-30% property margin range for Wynn Al Marjan Island and other IRs in the UAE,” it states. “However, with an expected tax rate and regulatory regime that would rival Singapore and Las Vegas, relatively favorable labor conditions (compared with quotas in Macau and unions in Las Vegas), and virtually no competition, we would expect operating margins to be more akin to Singapore (50% range) than Las Vegas.”

RelatedPosts

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

Thu 19 Jun 2025 at 19:54
Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

Thu 12 Jun 2025 at 12:54
Macau GGR down 62% year-on-year to MOP$2.48 billion in June

Citi: Macau to deliver 6% year-on-year growth for remainder of 2025 as recent GGR strength shows inflection point has arrived

Thu 12 Jun 2025 at 05:07
TCSJOHNHUXLEY awarded Gaming-Related Vendor License by UAE regulator

TCSJOHNHUXLEY awarded Gaming-Related Vendor License by UAE regulator

Wed 11 Jun 2025 at 19:50
Load More
Tags: CBRE Equity Researchgross gaming revenueintegrated resortRas Al KhaimahUAEWynn Al Marjan IslandWynn Resorts
Share36Share6
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

by Newsdesk
Fri 20 Jun 2025 at 06:53

Inside Asian Gaming’s Vice Chairman and CEO, Andrew W Scott, spoke yesterday at a hearing of Thailand’s ad hoc subcommittee studying the economic impacts and feasibility of establishing entertainment complexes (ECs) with casinos and online gaming, at the Thai Parliament...

Philippine tourist arrivals down 0.5% in 1Q25 on fewer visitors from South Korea, China

Contribution of Philippines tourism industry to national GDP rises to 8.9% in 2024

by Newsdesk
Fri 20 Jun 2025 at 06:46

The Philippines tourism industry saw its contribution to the country’s Gross Domestic Product in terms of share rise to 8.9% in 2024, up from 8.7% a year earlier, according to latest data from the Philippine Statistics Authority. Tourism Direct Gross...

Philippines’ maiden PIGO platform generates GGR of US$2.3 million in first six months of operation

DigiPlus appoints new CEO and CDO to drive further online gaming growth

by Newsdesk
Fri 20 Jun 2025 at 06:44

Philippines gaming technology giant DigiPlus – the country’s leading platform in the online and remote gaming space – has announced the appointment of a new Chief Executive Officer and a Chief Digital Officer. In a Philippine Stock Exchange filing on...

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

by Newsdesk
Thu 19 Jun 2025 at 19:54

Wynn Resorts CEO Craig Billings met this week with the Chinese Ambassador to the United States, Xie Feng, to discuss topics including China’s economic development and Sino–U.S. economic and trade relations. The Chinese Embassy in the United States released details...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English