Wynn Al Marjan's US$600 Million Budget Increase, Line by Line

Last updated: 17 October 2026

Wynn Resorts raised the budget for Wynn Al Marjan Island by "approximately $600 million" on its second-quarter earnings call on 4 August 2026. Chief executive Craig Billings said about half comes directly from the regional conflict and the rest from "remeasurement, trade coordination, and other costs" that Wynn says it would have faced anyway. Wynn's 40 per cent share is about US$240 million. The widely quoted US$5.7 billion total is media arithmetic: US$5.1 billion plus US$600 million. Wynn has not published a new total figure.

Key takeaways

• The increase is real and on the record. Billings announced it in his prepared remarks on the Q2 2026 call, so it is no longer just a press report.
• About half of the US$600 million is conflict-related: dearer materials, dearer shipping, and the pre-opening and capitalised interest costs of a longer build. The other half has nothing to do with the war.
• Wynn's share is about US$240 million of extra equity. Its estimate of the equity still to fund, Janu Al Marjan included, rose to US$525–650 million in the Q2 10-Q, from US$350–450 million in the Q1 10-Q.
• US$1.4 billion of the US$2.4 billion construction loan had been drawn by the time of the call. Wynn's own cash contributions reached US$1.06 billion.
• Wynn and the Ras Al Khaimah government have jointly guaranteed the lenders that cost overruns will be funded and the resort completed by 30 June 2028.

What exactly did Wynn say about the budget?

The figure came in Billings's prepared remarks on 4 August, just after he confirmed the September 2027 opening. "These disruptions have impacted both the timing and cost of the project," he said. "With respect to budget, we are increasing the total project budget for Wynn Al Marjan Island by approximately $600 million."

The next sentence is where some reports went wrong. "Of that, approximately half is directly attributable to disruption from the regional conflict," Billings said. He listed the conflict half as material cost increases, shipping cost increases, and "the pre-opening and capitalized interest costs associated with the extended construction timeline it created." For the other half he said: "The remaining portion reflects remeasurement, trade coordination, and other costs you'd expect on a project of this scale and duration, independent of anything happening in the region."

Some coverage has blamed the whole US$600 million on the war. The transcript does not support that. Roughly US$300 million is conflict-related. The other US$300 million is the kind of growth that large construction budgets often see late in a build.

Is Wynn Al Marjan now a US$5.7 billion project?

Not in any Wynn document we can find. Wynn's investor materials have used US$5.1 billion since October 2024, covering land, fees and capitalised interest. Its December 2025 UAE Market Tour deck said about 67 per cent of that, or US$3.4 billion, was "either spent or fully bought out".

Gulf News headlined that the cost had climbed to US$5.7 billion, and Skift wrote that the budget is "now about $5.7 billion". Both simply added the two numbers. Wynn's Q2 press release and 10-Q give no total budget. We use "US$5.1 billion plus about US$600 million" because a round US$5.7 billion suggests a precision Wynn has not claimed.

Where does the money come from?

There are three sources: Wynn's equity, its partners' equity, and a bank loan. Wynn owns 40 per cent of Island 3 AMI FZ-LLC, the joint venture it formed with Ras Al Khaimah's Marjan (the 10-K names its partner as Marjan LLC). The joint venture borrows through a US$2.4 billion delayed-draw secured term loan signed in February 2025.

Measure — Figure — Source

• Wynn cash contributed, life to date — US$914.2m (31 Dec 2025); US$1.01bn (31 Mar 2026); US$1.06bn (30 Jun 2026) — 10-K, Q1 and Q2 10-Q
• Wynn equity still to fund (estimate) — US$425–500m plus US$25–50m for Janu (10-K); US$350–450m incl. Janu (Q1); US$525–650m incl. Janu (Q2) — Wynn filings
• Construction loan drawn — US$1.4bn of US$2.4bn — Q2 2026 earnings call
• Wynn's share of the increase — about US$240m — Q2 2026 earnings call

The equity range is the number to watch. Between the Q1 and Q2 filings, Wynn paid in US$48.1 million, yet its estimate of what remains rose by about US$175–200 million. That is our arithmetic, and it fits the roughly US$240 million share that chief financial officer Craig Fullalove gave on the call once the quarter's payment is taken into account. The Q2 range also covers Janu Al Marjan Island, the Aman-operated hotel next door, which Wynn's 10-Q now expects to open in 2029.

Who pays if costs rise again?

The 10-K answers this. As a condition of the loan, Wynn and the Ras Al Khaimah government, acting through the Investment and Development Office, signed a completion guarantee in favour of First Abu Dhabi Bank as security agent. Under it they "irrevocably and unconditionally jointly and severally" undertook to fund any project cost overruns the borrower fails to cover. They also undertook to provide enough money for practical completion to take place "no later than June 30, 2028".

In practice, a further overrun would not stall the resort for lack of funds, because the guarantors are already committed to cover it. September 2027 leaves about nine months before that backstop date, so the opening could slip again and still fall inside the guarantee.

Does the increase change the returns?

Billings said that "the return profile will be impacted by an increase in budget", but added: "I don't think it changes the investment thesis for us one bit." The return profile, he said, "still remains very, very strong".

Wynn's December 2025 deck gives a way to test that. It calculated project return as stabilised Adjusted Property EBITDAM divided by "total project costs of ~$5.1bn". That gave 9.8 per cent in its low case, 12.3 per cent in its base case and 15.7 per cent in its high case. Using the same EBITDAM forecasts (US$500 million, US$625 million and US$800 million) over US$5.7 billion gives about 8.8, 11.0 and 14.0 per cent. That is our illustration, not a Wynn restatement: the deck's forecasts predate the increase, and Wynn has not updated them.

The return falls by about 1–1.7 percentage points. That is a real cost, but well short of what would undermine the project. It also explains why Wynn sounded relaxed.

Why is Wynn so confident it will pay off?

Analyst John DeCree asked how Wynn was thinking about demand when it opens. Billings answered: "particularly for the core gaming product, given that we will be a monopoly, demand should exceed supply. It's just a question of where it's going to come from."

Island 3 AMI FZ-LLC, listed as Wynn Al Marjan, is the only land-based gaming licensee on the GCGRA's public register. The National has reported a renewable 15-year gaming licence for Ras Al Khaimah, and the federal regulator, not Wynn, will decide who may enter the gaming area. Billings also ruled out a soft launch. "We generally don't do phased openings," he said, and all amenities will open together.

None of this makes gambling legal anywhere else in the UAE. Until the resort opens, there is no legal casino in the country.

What else did the Q2 filings show?

• Losses are small and expected. Wynn's share of joint-venture losses was US$8.8 million in Q2 and US$16.3 million in the first half, booked as pre-opening expense.
• The investment is growing. "Investments in unconsolidated affiliates" on Wynn's balance sheet rose to US$1,110.4 million at 30 June, from US$948.2 million at the end of 2025.
• Fit-out is under way. Billings said the team is "actively progressing through the interior fit out of the hotel rooms" and that pre-opening hiring and operations planning are "advancing very well".

What happens next?

Wynn reports third-quarter results after the market closes on Thursday 5 November 2026, with a call at 1:30pm Pacific time. Three numbers in the Q3 10-Q will show whether August's figure is holding: the remaining-equity range, Wynn's life-to-date cash contributions, and any update to the drawn loan balance. We will not guess at them before then.

FAQ

How much did Wynn Al Marjan's budget increase? By approximately US$600 million, announced by Wynn Resorts on its Q2 2026 earnings call on 4 August 2026.

Was the whole increase caused by the Iran conflict? No. Billings said about half is directly attributable to the regional conflict: materials, shipping, and pre-opening and capitalised interest costs from the longer build. The rest is remeasurement, trade coordination and other costs unrelated to the region.

What is Wynn Al Marjan's total cost now? Wynn's last stated total was US$5.1 billion. Adding the US$600 million gives about US$5.7 billion, which many outlets report, but Wynn has not published that figure itself.

How much does Wynn itself have to pay? Its 40 per cent share of the increase is about US$240 million. It had contributed US$1.06 billion in cash by 30 June 2026 and estimates another US$525–650 million to come, including Janu Al Marjan Island.

Does the overrun put the September 2027 opening at risk? Wynn says the opening remains September 2027. The loan's completion guarantee commits Wynn and the Ras Al Khaimah government to fund overruns and to reach practical completion by 30 June 2028 at the latest.

Further reading

• Wynn Al Marjan Island opening date: September 2027, confirmed
• What the 2027 delay actually meant
• How the Iran conflict hit UAE gaming in 2026
• Janu Al Marjan Island: Aman's resort next to Wynn
• Wynn Al Marjan Island: the full project profile

Sources

• Investing.com, "Earnings call transcript: Wynn Resorts tops Q2 2026 estimates, shares rise" (4 August 2026): https://www.investing.com/news/transcripts/earnings-call-transcript-wynn-resorts-tops-q2-2026-estimates-shares-rise-93CH-4835984
• Wynn Resorts, "Wynn Resorts, Limited Reports Second Quarter 2026 Results", Form 8-K Exhibit 99.1 (4 August 2026): https://www.sec.gov/Archives/edgar/data/0001174922/000117492226000051/ex991wrlq22026pressrelease.htm
• 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, "Wynn Al Marjan Island UAE Market Tour" presentation (December 2025): https://investors.wynnresorts.com/static-files/1e114937-d568-4ee1-9e0f-3c65b17fdd80
• Wynn Resorts, "Wynn Resorts Announces Third Quarter Earnings Release Date" (6 October 2026): https://investors.wynnresorts.com/news-releases/news-release-details/wynn-resorts-announces-third-quarter-earnings-release-date-14
• Gulf News, "UAE's Wynn Al Marjan Island in Ras Al Khaimah sets opening date; project cost climbs to $5.7 billion" (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/
• The National, "What to expect at Wynn Al Marjan Island" (5 August 2026): https://www.thenationalnews.com/travel/2026/08/05/wynn-al-marjan-island-gaming-gambling-restaurants-art/