Wynn Resorts has secured $2.4bn to finance the development and construction of Wynn Al Marjan Island, an upcoming integrated resort in the UAE.

The construction facility, provided by a global syndicate of lenders is claimed to be the “largest hospitality financing transaction” in UAE history.

Obtained by Wynn Al Marjan Island FZ, the term loan facility is structured as a seven-year delayed draw facility with competitive interest rates.

It is denominated in both UAE dirham (AED) and US dollars to align with the majority of development costs expected to be incurred in AED.

Wynn Al Marjan Island FZ is a subsidiary of Wynn Resorts’ 40%-owned joint venture.

Abu Dhabi Commercial Bank and Deutsche Bank led the coordination of the financing, supported by First Abu Dhabi Bank, Emirates NBD Capital, The National Bank of Ras Al Khaimah, and Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai.

First Abu Dhabi Bank also serves as an agent and security agent for the lenders. 

Construction on the resort is progressing with 64% of the structural concrete complete and elevator cores reaching the 36th floor.

The resort's tower has risen approximately 140ft in the last 100 days, with the goal of topping off by December.

The resort will feature 1,542 rooms and suites, with 1,226 already completed.  

Exterior facade window glazing is over 20% finished with 2,840 of 13,734 panels completed, and interior fit-out is underway in around 1,121 rooms.

The concrete and steel structures in the low-rise portion of the building are 70% complete with exterior facades and interior fit-out in progress along with advancement in the elevator and escalator installations. 

The resort will offer 22 dining venues, a “luxury shopping promenade”, a signature spa and salon, a 39,000ft² poolscape, a 145,000ft² meetings and events centre and entertainment options, including a theatre and resident show designed specifically for Marjan Island.

Wynn Resorts is developing this project in partnership with Marjan and RAK Hospitality Holding.