The multi-billion dollar entertainment and hospitality complex, Wynn Marjan Island, currently under construction on the shores of Ras Al Khaimah, will open its doors to guests next year with a slight delay; as the ongoing war in the region continues to impact global supply chains and the marine insurance market. This was announced by a senior executive of the company on Wednesday.

Craig Billings, CEO of Wynn Resorts, stated that the interior work on the hotel rooms has begun and the installation of mechanical and electrical systems, as well as finishing and completing the spaces, is currently underway.

This delay has also incurred significant costs. Billings announced that Wynn Resorts is increasing the total budget for the Wynn Al Marjan Island project by approximately $600 million (equivalent to 2.2 billion dirhams).

He explained:
“About half of this cost increase is directly due to disruptions caused by the regional war, rising material prices, increased transportation costs, as well as pre-opening expenses and capital interest costs resulting from the extended construction period.”

Despite these challenges, Billings expressed optimism about the UAE market and referred to his trip in June to review the project's progress.
He said:
“The flights I took were completely full, and daily activities in Dubai seemed vibrant and normal. We still believe that this project will be the most exciting opening of an integrated entertainment and hospitality complex in the world in over a decade, and we are more committed than ever to the UAE market and confident about its future.”
Wynn Resorts owns 40% of the shares of the joint company developing this project.

Source: Gulf Times