Short answer, no spin
What it is: Wynn Al Marjan Island is the UAE’s first federally licensed casino resort — a $5.1 billion integrated resort on Al Marjan Island in Ras Al Khaimah, opening Q1 2027.
Who owns it: a joint venture. Wynn Resorts holds a 40% stake; the majority is held by Marjan and RAK Hospitality Holding — two Ras Al Khaimah government-backed developers that merged in October 2025.
Who’s building it: UAE contractor ALEC Engineering and Contracting is the main builder; the resort will be operated by Wynn Resorts, a public US company (NASDAQ: WYNN) whose founder Steve Wynn left in 2018.
Ownership of the UAE’s first casino resort is genuinely confusing because three different companies get credited — and “Wynn” the resort is not the same as “Wynn” the shareholder. Here’s exactly who owns Wynn Al Marjan Island, who is building it, and who’s ultimately behind each name, with the hard numbers.
What is Wynn Al Marjan Island?
Wynn Al Marjan Island is the first integrated casino resort licensed in the United Arab Emirates. “Integrated resort” is the industry term for a single mega-property combining a hotel, restaurants, entertainment, retail, meeting space and a regulated casino — the model Wynn built in Las Vegas, Macau and Boston.
The headline facts:
- Cost: USD 5.1 billion (around Dh18.7 billion).
- Location: Al Marjan Island, a man-made archipelago in Ras Al Khaimah, roughly 50 minutes from Dubai.
- Size: a 70-storey tower with 1,530 luxury rooms and suites, 22 restaurants and bars, a spa, marina and 420 metres of private beach.
- Gaming licence: on 4 October 2024 it received the UAE’s first commercial gaming facility licence from the General Commercial Gaming Regulatory Authority (GCGRA).
- Opening: targeted for the first quarter of 2027.
For the full breakdown of the resort itself, see our guide to what to expect at Wynn Al Marjan and the latest opening-date news.
Who owns Wynn Al Marjan Island?
Wynn Al Marjan Island is owned by a three-way joint venture, not by Wynn Resorts alone. Wynn is the brand and operator, but it is a minority equity partner. This is the ownership table that actually matters:
| Partner | Stake | Who they are |
|---|---|---|
| Wynn Resorts, Limited | 40% | US-listed casino-resort operator (NASDAQ: WYNN); designs and runs the resort |
| Marjan | Majority (with partner) | Ras Al Khaimah’s government-owned master developer of Al Marjan Island |
| RAK Hospitality Holding | Majority (with partner) | Ras Al Khaimah government-linked hospitality investment company |
So the controlling ownership sits with Ras Al Khaimah’s government-backed entities (Marjan and RAK Hospitality Holding together), while Wynn Resorts owns 40% and supplies the brand, design and management. As of March 2026 Wynn Resorts had put in roughly $1.01 billion (Dh3.7 billion) of equity toward the development.
Who are Marjan and RAK Hospitality Holding?
Both are Ras Al Khaimah government-backed companies — and since October 2025 they are one. Marjan is the master developer that created and manages Al Marjan Island itself; RAK Hospitality Holding is the emirate’s hospitality-investment arm. On 22 October 2025 the two merged into a single unified developer under the Marjan brand, chaired by Sheikh Ahmed bin Saud Al Qasimi, a member of Ras Al Khaimah’s ruling family.
In plain terms: the local majority owner of Wynn Al Marjan Island is effectively the Ras Al Khaimah state, through its development companies. That government backing is why the project has never looked financially shaky.
Who is building Wynn Al Marjan Island?
The main contractor building Wynn Al Marjan Island is ALEC Engineering and Contracting LLC, one of the UAE’s largest construction firms. ALEC holds the main construction contract for the tower and resort complex; Marjan is the master developer overseeing the site, and Wynn Resorts will operate the finished property.
Keep the three roles separate, because people confuse them constantly:
- Developer / landowner: Marjan (with RAK Hospitality Holding).
- Main contractor / builder: ALEC Engineering and Contracting.
- Operator / brand: Wynn Resorts.
Money has never been the problem. In February 2025 the project completed a $2.4 billion senior financing facility — reported as the largest hospitality financing transaction in UAE history — on top of the partners’ equity. Construction is well past the halfway mark, with Wynn stating that around two-thirds of the $5.1 billion budget was already spent or committed.
Who owns Wynn Resorts, the operator?
Since Wynn Resorts is the name on the building, people also ask who owns it. Wynn Resorts is a publicly traded American company — nobody “owns” it outright. The essentials:
- Listed: NASDAQ under the ticker WYNN; an S&P 500 company, headquartered in Paradise, Nevada, on the Las Vegas Strip.
- Founder: Steve Wynn built the company but resigned in February 2018 and is no longer involved in its management or ownership.
- CEO: Craig Billings, who took the role on 1 February 2022.
- Largest individual shareholder: billionaire Tilman Fertitta, who held about 12.3% as of April 2025; the rest is held by institutional investors and the public.
So “Wynn” on the resort is a brand and a 40% partner — run by professional management, not by Steve Wynn.
Why the ownership structure matters
This isn’t trivia. The split — Ras Al Khaimah’s government as majority owner, Wynn Resorts as operator and minority partner — is exactly why the resort is progressing on schedule with a full gaming licence and record financing. The emirate provides the land, capital and regulatory will; Wynn provides a globally proven operating brand. For travellers and investors, that combination signals a project far more secure than a single-developer gamble. To understand the wider destination, see our Al Marjan Island area guide and the Wynn Al Marjan casino guide.
Frequently asked questions
Who owns Wynn Al Marjan Island?
It is owned by a joint venture of Wynn Resorts (a 40% stake) and two Ras Al Khaimah government-backed developers, Marjan and RAK Hospitality Holding, which together hold the majority. The two local partners merged into a single company under the Marjan brand in October 2025.
Does Wynn Resorts own Wynn Al Marjan Island?
Only partly. Wynn Resorts owns a 40% equity stake and operates the resort under its brand, but the controlling majority is held by Ras Al Khaimah’s government-backed developers.
Who is building Wynn Al Marjan Island?
The main contractor is ALEC Engineering and Contracting LLC, a leading UAE construction firm. Marjan is the master developer of the site and Wynn Resorts is the operator.
Who owns Wynn Resorts?
Wynn Resorts is a publicly listed company (NASDAQ: WYNN). Founder Steve Wynn left in 2018; it is now run by CEO Craig Billings, and its largest individual shareholder is Tilman Fertitta with about 12.3%.
How much does Wynn Al Marjan Island cost?
About USD 5.1 billion (roughly Dh18.7 billion). A $2.4 billion financing facility completed in February 2025 was reported as the largest hospitality financing deal in UAE history.
Is Wynn Al Marjan Island government-owned?
The majority is held by Ras Al Khaimah government-backed developers (Marjan and RAK Hospitality Holding), so effectively the emirate is the controlling owner, with Wynn Resorts as the 40% operating partner.
Figures reflect the latest publicly reported information as of July 2026, including Wynn Resorts investor disclosures and UAE press coverage. Exact percentage splits between Marjan and RAK Hospitality Holding are not publicly itemised beyond Wynn Resorts’ stated 40% stake. We update this page as official figures are released.