Even with war in Iran raging on, Wynn Resorts (NASDAQ: WYNN) will likely be able to open its $5.1 billion casino resort in the United Arab Emirates (UAE) at some point next year.
In a new report, CBRE Equity Research analysts John DeCree and Max Marsh acknowledge that due to the ongoing conflict in Iran, Wynn management likely won’t be able to provide a hard opening date for Wynn Al Marjan Island, but the analysts believe the integrated resort — the first regulated gaming venue in the region’s history — will open its doors at some point next year.
“We believe the conflict with Iran is still too volatile for management to provide a firm opening date, but we suspect a mid- to late-2027 opening is still feasible,” note the analysts.
Las Vegas-based Wynn reports second-quarter results on Aug. 4 and that could be an opportune time for the gaming company to update analysts and investors on goings-on in the Middle East. Earlier this year, management acknowledged the war in Iran would cause a “modest delay” to the previously scheduled first quarter of 2027 opening of Wynn Al Marjan Island.
For Wynn, Some Green Shoots in UAE
Soon after the war started, Iran struck several sites in the UAE, including a pair of high-end resorts, prompting Wynn to pause construction at its property while telling some staff to work from home.
But even amid geopolitical turbulence in the region, the longer-ranging thesis backstopping investment in Wynn Al Marjan Island remains solid with surprisingly strong tourism data in Ras Al Khaimah — the emirate in which the casino hotel is located — confirming as much.
The Ras Al Khaimah Tourism Development Authority (RAKTDA) recently noted that with the assistance of strong inter-emirate travel, Ras Al Khaimah lured 670,000 visitors in the first half of 2026 and that was with the war in Iran raging over four of those six months.
“More importantly, we remain bullish on the long-term opportunity for Wynn and Ras Al Khaimah and view the 1H26 visitation data as further evidence in the significant domestic demand opportunity,” add the CBRE analysts.
Wynn Forging Ahead in UAE
While it’s possible that Wynn will alter the timeline for opening its UAE integrated resort, the operator remains committed to the emirates.
On Monday, ground was broken on the Janu Al Marjan Island luxury resort, a non-gaming venue located near Wynn Al Marjan Island that’s a partnership between the American gaming company and Marjan, a local developer. An estimate floated last November indicates Wynn could contribute up to $50 million to the Janu project.
Janu Al Marjan Island will have 132 rooms as well as multiple high-end residences and villas aimed at the ultra-high-net-worth tourists the UAE is known for drawing.