In Ras Al Khaimah, United Arab Emirates (UAE), Wynn Resorts (NASDAQ: WYNN) anticipates contributing over $900 million to the Wynn Al Marjan Island integrated resort.

Craig Billings stated as much during the gaming company's late-Tuesday first-quarter results conference call. This estimate is consistent with the operator's minority interest in the $4 billion project.

"Budgets move here and there, but no substantial movement. Our capital contribution will be round numbers, call it, $900 million, that heavily depends on the construction leverage,” said Billings in response to a question from CBRE analyst John DeCree. “So we’re in the midst of figuring that out now. But you can figure something like 50-50 debt to equity and then we would be 40% of the equity.”

Wynn Design & Development is in charge of creative and design activities, while Marjan LLC and RAK Hospitality Holding LLC are Wynn's local partners in the United Arab Emirates.

Wynn is moving quickly forward with the UAE Casino Resort

Billings' remarks about Wynn's financial contributions to the project in the United Arab Emirates came after the business based in Las Vegas said that the hotel tower's development is progressing well and that it may be completed by late 2025.

If permitted to operate as a gaming establishment, Wynn Al Marjan Island might be the first casino hotel in the Middle East and North Africa (MENA) region. This could be a major source of long-term earnings for Wynn and possibly spark a wave of casino development in the Emirates.  The casino would occupy only 4% of the 5.6 million square feet that the property is estimated to command.

"A meaningful high return on investment (ROI) project," according to Billings, who also mentioned that additional information might be released to the public later this year. The UAE project has the potential to produce up to $600 million in earnings before interest, taxes, depreciation, and amortization (EBITDA), according to Wynn's prediction from last year, which hasn't changed. 

The integrated resort won't be built around gaming either. Situated around one hour's drive from Al Marjan Island, Dubai is a highly frequented destination in the Middle East. Visitors to the emirate are drawn to its upscale eating options, upscale shopping, and other glamorous features, all of which are commonly associated with Wynn's Las Vegas hotels.

Wynn Is Also Interested in Thailand

Billings stated Wynn is keeping an eye on the situation and may eventually try to develop a casino resort in Thailand, given the country's quickly changing legislative framework.

"In Thailand, it’s early days and we have yet to see the regulatory and licensing structures,” said the Wynn chief executive officer on the earnings call. “Thailand is already a major tourism destination with significant tourism infrastructure and a world-class service culture. So we will continue to closely monitor advancement of the legalization process. I remain incredibly bullish about the future of our company.”

Billings acknowledged that a number of gaming businesses would seek casino licenses in Thailand, but he went on to say that the country is an attractive market with strong infrastructure and a thriving tourism sector.