Wynn Resorts secures USD 2.4 bn loan for Wynn Al Marjan Island: Wynn Resorts obtained a USD 2.4 bn construction loan from a global syndicate of regional and international lenders to finance Wynn Al Marjan Island, the first integrated resort in the UAE, set to open in 2027, according to press release. The loan marks the largest hospitality financing transaction in the UAE’s history, according to the statement.

Details: The seven-year loan, structured as a delayed draw facility, provided to Wynn Al Marjan Island—a subsidiary of the 40%-owned joint venture—is denominated in both AED and USD.

Who’s in? Abu Dhabi Commercial Bank (ADCB) and Deutsche Bank acted as joint coordinators, while First Abu Dhabi Bank (FAB), Emirates NBD Capital, and The National Bank of Ras Al Khaimah served as initial mandated lead arrangers, bookrunners, and underwriters. Sumitomo Mitsui Banking Corporation (SMBC DIFC Branch, Dubai) joined as lead arranger, with FAB also acting as agent and security agent for lenders.

Remember: As of 2Q 2024, Wynn Resorts had invested USD 514.4 mn in its USD 3.9 bn gaming resort on Marjan Island, including USD 356.5 mn in land acquisitions and project development. The 155-acre site represents nearly a quarter of the island, with 70 acres earmarked for future expansion. CEO Craig Billings previously indicated that debt financing was expected to be finalized by year-end 2024.

Tags: