Wynn Al Marjan Island Project In UAE: To Be Constructed At $5.1 Billion, Opens Early 2027

Wynn Resorts Ltd's (NASDAQ:WYNN) analyst event, held last week in Dubai, increased confidence in the Wynn Al Marjan Island project, according to BofA Securities.

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The Wynn Resorts Analyst: Analyst Shaun Kelley reiterated a Buy rating, while raising the price target from $140 to $150.

The Wynn Resorts Thesis: The company confirmed that the project, with 70 floors, is being constructed on a budget of $5.1 billion and is on track to open in the first quarter of 2027, Kelly said in the note.

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The analyst added that the meeting instilled greater appreciation of:

• The project’s political alignment and support
• The best-in-class management team Wynn has assembled
• The physical location, infrastructure, geography and plan for Ras Al Khaimah (where Al Marjan Island is) in the UAE

The price target has been raised to reflect "higher confidence" in the project and expectations of Al Marjan being "transformative for the UAE and WYNN," he further wrote.

WYNN Price Action: Shares of Wynn Resorts had declined by 1.71% to $124.96 at the time of publication on Tuesday.

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