Wynn Resorts' Al Marjan Island Project in UAE Seen as 'Transformative,' BofA Says

MT Newswires Live12-10

Wynn Resorts' (WYNN) Al Marjan Island project in the United Arab Emirates is potentially "transformative" for both the country and the company, BofA Securities said Tuesday in a report.

Construction has topped out at 70 floors, and the company reaffirmed the project's $5.1 billion budget and target opening in Q1 2027, BofA said after an analyst event in Dubai and Ras Al Khaimah in the UAE.

BofA highlighted the management team Wynn assembled for the resort and the strong support from the Ras Al Khaimah government, noting that it ensures operational flexibility as well as favorable taxation and regulation.

Wynn Al Marjan Island's location is already established as local getaway destination with high occupancies and strong weekend and holiday demand, BofA said. Other upside drivers include the VIP market, first-mover advantage, favorable operating costs, and room for expansion, the report said.

BofA raised its price target on Wynn Resorts stock to $150 from $140, while maintaining its buy rating.

Price: 123.87, Change: -3.26, Percent Change: -2.56

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