How Wynn Is Paying for Wynn Al Marjan Island: Equity, Loans and the 2031 Payback

Last updated: 14 November 2026

Wynn Al Marjan Island is paid for by two sources: a US$2.4 billion construction loan taken out by the joint venture, and cash from its owners, of which Wynn Resorts provides 40 per cent. As of its Q2 2026 filing, Wynn had paid in US$1.06 billion and expected to add another US$525–650 million. Its share comes mainly from the cash its parent company collects in fees and dividends from its resorts in Las Vegas and Macau. The payback is still a forecast: CBRE estimates Wynn could receive about US$355 million a year from the resort once it stabilises in 2031.

Key takeaways

• Ownership: Wynn owns 40 per cent of Island 3 AMI FZ-LLC, the venture building the resort. Its partner is Ras Al Khaimah's Marjan.
• The loan: in February 2025 the venture signed a US$2.4 billion delayed-draw secured term loan. Wynn said US$1.4 billion had been drawn by its 4 August 2026 earnings call.
• Wynn's equity: US$1.06 billion contributed to 30 June 2026, plus an estimated US$525–650 million still to come, including the neighbouring Janu resort. That is about US$1.59–1.71 billion in total.
• The guarantee: Wynn and the Ras Al Khaimah government have jointly guaranteed the lenders that any overruns will be funded and the resort completed by 30 June 2028.
• Credit view: Fitch expects Wynn's leverage to rise to 6.0 times in 2026, partly because of Al Marjan funding, and says the resort should support Wynn's credit profile after opening.
• Payback: CBRE estimates US$355 million a year to Wynn by 2031, which it calls a 22 per cent unlevered annual return on Wynn's equity.

Who is paying for Wynn Al Marjan Island?

Wynn Resorts is not building the resort alone, and it is not borrowing the construction money itself. The resort belongs to a joint venture, Island 3 AMI FZ-LLC. Wynn owns 40 per cent of it. Its partner is Marjan LLC, which Wynn's annual report says was formerly RAK HH IR FZ-LLC. Under the venture agreement, Wynn funds "40% of the project design and development costs in exchange for a pro-rata share of equity", according to its Q2 2026 10-Q.

The money comes from three places:

Source — Amount — Status (as of the Q2 filing)

• Construction loan to the venture — US$2.4bn facility — US$1.4bn drawn (Q2 call)
• Wynn equity (40%) — US$1.06bn paid; US$525–650m to come — Includes Janu Al Marjan
• Partner equity (60%) — Not disclosed by Wynn — Marjan's side of the venture

The total project budget is US$5.1 billion plus about US$600 million added in August 2026. Gulf News and Skift added those together to get US$5.7 billion. Wynn has not published a new total figure itself. Our budget increase breakdown explains where the extra money is going. This article is about who pays for it.

How much has Wynn put in so far?

Wynn's cash contributions have risen steadily as construction moved into fit-out:

Date — Wynn life-to-date cash — Remaining Wynn equity (estimate)

• 31 Dec 2025 — US$914.2m — US$425–500m, plus US$25–50m for Janu
• 31 Mar 2026 — US$1.01bn — US$350–450m incl. Janu
• 30 Jun 2026 — US$1.06bn — US$525–650m incl. Janu

Wynn contributed US$100.1 million in the first quarter of 2026 and US$48.1 million in the second. The remaining-equity estimate jumped in Q2, when Wynn announced the budget increase: chief financial officer Craig Fullalove said Wynn's 40 per cent share of the extra US$600 million is about US$240 million. Wynn's 10-Q says the remaining figure is "inclusive of capitalized interest and fees".

In the first half of 2026, Wynn's total investment in the venture was US$178.6 million, of which US$148.2 million was cash, according to the 10-Q. Its share of the venture's pre-opening losses was US$16.3 million over the same six months, booked as pre-opening expense.

What is the US$2.4 billion construction loan?

The borrower is Wynn Al Marjan Island FZ-LLC, a wholly owned subsidiary of the joint venture. In February 2025 it signed a facility agreement with a syndicate of lenders for "approximately $2.4 billion (or equivalent in local currency)". It is a delayed-draw secured term loan, meaning the money is drawn down in stages as construction proceeds rather than paid out in one lump sum.

Wynn Resorts itself "is not a party to the Al Marjan Facility Agreement", its 10-Q says, so the loan does not appear as Wynn debt on its balance sheet. Fullalove said on the Q2 call that US$1.4 billion had been drawn. Measured against a US$5.7 billion budget, the US$2.4 billion facility covers roughly 42 per cent. That is our arithmetic. Wynn's Q2 filing shows no change to the facility's size after the budget increase, so the extra cost appears to fall on the owners' equity.

A smaller loan sits alongside it. In February 2026 another venture company, DCP AMI 3 FZ-LLC, raised about US$45.1 million to build a district cooling plant for the resort. By 30 June 2026 the plant was "substantially complete" and operational.

Who is on the hook if costs rise again?

Wynn and the Ras Al Khaimah government are. As a condition of the loan, Wynn and the government, acting through the Investment and Development Office of Ras Al Khaimah, gave a completion guarantee to First Abu Dhabi Bank, the lenders' security agent. Wynn's FY2025 10-K says the guarantors "irrevocably and unconditionally jointly and severally" undertook to fund any cost overruns the borrower fails to cover. They also undertook to provide enough money for practical completion "no later than June 30, 2028".

The guarantee ends when the loan is repaid or the resort reaches practical completion, whichever comes first. In effect, it moves completion risk from the lenders to the guarantors. With the government as co-guarantor, the emirate also has money at stake in the resort opening on time.

Where does Wynn get the cash for its share?

From the parent company's own cash. Wynn Resorts, Limited is a holding company. Its 10-Q says it earns cash from royalties, including intellectual-property licence fees, and management agreements with its resorts, plus dividends and distributions from its subsidiaries. It expects to use that cash to, among other things, "make required capital contributions to the Al Marjan Joint Venture".

At 30 June 2026, the parent and its other non-operating subsidiaries held US$235.2 million in cash. The wider group had about US$1.57 billion in cash, US$527.4 million in short-term investments and US$2.38 billion of undrawn revolving credit. Most of the cash and investments, and all of the revolving credit, sit inside Wynn Macau and Wynn Resorts Finance. The US$525–650 million still to fund is larger than the parent's cash pile on that date, so continued fee and dividend income matters. Fees payable by Wynn Macau to the parent under its IP licence are capped at US$150 million for 2026.

What do the bonds and Fitch say?

In September 2026 Wynn Resorts Finance sold US$900 million of 6.875 per cent senior notes due 2035, according to Asia Gaming Brief. The proceeds go to redeem Wynn Las Vegas's 5.25 per cent notes due 2027, so the deal refinances existing debt and does not pay for Al Marjan directly. Fitch rated the notes BB- with a recovery rating of RR4 and called the deal "leverage neutral".

The Al Marjan cost shows up in Fitch's leverage forecast. Fitch expects Wynn's leverage to rise to 6.0 times in 2026, from 5.8 times in 2025, driven by funding for Al Marjan and expansion at Wynn Palace in Macau. Leverage is expected to stay near the upper end of Fitch's downgrade thresholds for the next few years and ease once the projects are complete. "Fitch expects the development to support the group's credit profile after opening," AGBrief reported, while flagging cost, timing and demand risks.

When does Wynn get its money back?

Not before opening, and not quickly. In an August 2026 note summarised by Asia Gaming Brief, CBRE estimated that Wynn could receive US$355 million a year in free cash flow from the resort, through management fees and dividends, once it stabilises in 2031. CBRE calls that a 22 per cent unlevered annual return on Wynn's equity investment. AGBrief does not say which equity base CBRE used; measured against Wynn's total equity of US$1.59–1.71 billion, our own check gives about 21–22 per cent, depending on where the remaining equity lands. CBRE described the resort as the "only meaningful integrated resort casino supply" in the region, and cautioned that the timetable could still change because of Middle East volatility.

Wynn's own December 2025 forecasts, which predate the budget increase, are covered in our revenue forecast explainer. Both sets of numbers depend on the casino opening on time and drawing the visitors Wynn expects. On the evidence published up to 4 November 2026, the resort was in fit-out and on course for September 2027, as our construction update sets out.

What will the next filings show?

This article uses figures as of the Q2 filing. Wynn was scheduled to report third-quarter 2026 results on 5 November 2026, after this article was prepared. Three lines in the Q3 10-Q update the funding picture: Wynn's life-to-date cash contributions, the remaining-equity range (a rise would signal further cost growth), and the amount drawn on the construction loan if management gives it on the call. Our opening dates timeline tracks whether the September 2027 date holds.

FAQ

Who owns Wynn Al Marjan Island? A joint venture, Island 3 AMI FZ-LLC. Wynn Resorts owns 40 per cent. Its partner is Ras Al Khaimah's Marjan LLC.

How much has Wynn invested in Al Marjan? US$1.06 billion in cash to 30 June 2026, with an estimated US$525–650 million still to come, including Janu Al Marjan.

Is the construction loan Wynn's debt? No. The joint venture's subsidiary borrowed it, and Wynn is not a party to the loan. Wynn has co-guaranteed completion and cost overruns with the Ras Al Khaimah government.

How big is the construction loan? About US$2.4 billion, signed in February 2025. US$1.4 billion had been drawn by August 2026.

When will Wynn earn money from the resort? After it opens, which Wynn's Q2 2026 filing put in September 2027. CBRE estimates US$355 million a year to Wynn once the resort stabilises in 2031.

Further reading

• Wynn Al Marjan's US$600 million budget increase, line by line
• Can Wynn Al Marjan make US$1.66 billion a year? The revenue forecast explained
• Wynn Al Marjan Island construction: where it stands
• UAE casino and resort opening dates, 2027–2029
• Wynn Al Marjan UAE gaming licence explained

Sources

• Wynn Resorts, Form 10-Q for the quarter ended 30 June 2026 (6 August 2026): https://www.sec.gov/Archives/edgar/data/1174922/000117492226000055/wynn-20260630.htm
• Wynn Resorts, Form 10-Q for the quarter ended 31 March 2026 (7 May 2026): https://www.sec.gov/Archives/edgar/data/1174922/000117492226000035/wynn-20260331.htm
• Wynn Resorts, Form 10-K for 2025 (2 March 2026): https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm
• Wynn Resorts, Q2 2026 results press release (4 August 2026): https://www.sec.gov/Archives/edgar/data/0001174922/000117492226000051/ex991wrlq22026pressrelease.htm
• Investing.com, "Earnings call transcript: Wynn Resorts tops Q2 2026 estimates" (4 August 2026): https://www.investing.com/news/transcripts/earnings-call-transcript-wynn-resorts-tops-q2-2026-estimates-shares-rise-93CH-4835984
• Asia Gaming Brief, "Wynn prices $900M notes, expansion spending keeps debt pressure high: Fitch" (13 September 2026): https://agbrief.com/news/macau/13/09/2026/wynn-prices-900m-notes-expansion-spending-keeps-debt-pressure-high-fitch/
• Asia Gaming Brief, "Wynn Al Marjan Island could deliver $355M annually to Wynn by 2031: CBRE" (6 August 2026): https://agbrief.com/news/uae/06/08/2026/wynn-al-marjan-island-could-deliver-355m-annually-to-wynn-by-2031-cbre/
• Gulf News, "Wynn Al Marjan Island sets opening month for Ras Al Khaimah mega-resort" (5 August 2026): https://gulfnews.com/business/tourism/uaes-wynn-al-marjan-island-in-ras-al-khaimah-sets-opening-date-project-cost-climbs-to-57-billion-1.500630954
• Skift, "Wynn's UAE Casino Is Delayed and Costlier — CEO Calls It a 'Monopoly' Worth the Spend" (5 August 2026): https://skift.com/2026/08/05/wynns-uae-casino-is-delayed-and-costlier-ceo-calls-it-a-monopoly-worth-the-spend/