Wynn's 'meaningful progress' on UAE debt, says CFO

Casino business Wynn Resorts Ltd said it has made "meaningful progress" in debt financing for the Wynn Al Marjan Island project (an artist rendering photo), a stake partner in Ras al-Kaima in the United Arab Emirates. It has also purchased a proportional share of the landfill with the plan.

"We have received significant interest from various banks, both locally and internationally, to make meaningful progress in raising debt for our projects," Julie Cameron-Doe, the group's chief financial officer, said in the group's second-quarter earnings call on Tuesday.

"The financing is expected to be completed later this year, and we will update you in due course," she added.

Wynn Resorts is the parent company of wynn macao which operates wynn macao and wynn palis. The parent company also operates casino operations in Las Vegas, Nevada and Boston, Massachusetts.

The CFO said in a call that during the quarter, it contributed $356.5 million to the Wynn Al Marjan Island project, bringing its total equity contribution to date to $514.4 million, Wynn Al Marjan to about $300 million and "Marjan Land Bank and related infrastructure" to just over $200 million.

Wynn Resorts chief executive Craig Billings said in an update with analysts that construction of the Wynn-branded site in the United Arab Emirates, which is "back after a few weeks," is "quickly underway, and is now approaching the 15th floor of the hotel."

Billings said Wynn Resorts purchased "40% of its total stake of 155 acres (62.7 hectares) on Island 3, where Wynn al-Marzan is located," out of an estimated $357 million stake donated to the UAE joint venture in the second quarter.

This is a reference to the fact that Al Marjan is a land reclamation plan.

He said: "As a result, our joint venture will own over 70 acres of land for the potential future development of the island, as well as land owned by Win Al Marjan." 프라그마틱 슬롯 사이트

The CEO also noted: "Of course, we have run land banks in the United States and Macau, and we are confident that the acquisition of this large Al Marjan land bank will be worth it in the long run."