Wolfe Research Expects Wynn Al Marjan Island to Outperform Revenue Projections

Wolfe Research anticipates Wynn Resorts will generate gaming revenue from its UAE casino resort above current company forecasts. The assessment draws on the market’s tourism strength and limited casino supply, comparable to conditions that have driven outsized results in Singapore.

Peter Supino, analyst at Wolfe Research, highlights the UAE’s demand for high-end hotels, entertainment, and regulated gaming. Wynn Resorts shares stand down 37% year-to-date in 2026. Wolfe Research projects the stock could rise as much as 60% by the end of 2027.

The country’s location supports international visitation, with roughly one third of the global population within a four-hour flight. Real estate consultancy Knight Frank reports luxury rooms will represent 43% of the UAE’s planned hotel additions through 2030.

Revenue Targets and Singapore Parallels

Wolfe Research compares the UAE opportunity to Singapore, home to Marina Bay Sands and Resorts World Sentosa, two of the world’s highest-earning integrated resorts. Projections indicate the UAE could sustain four or five casino properties. This setup positions Wynn Al Marjan Island to claim a large initial share of gaming win.

Prior estimates set UAE annual gross gaming revenue between $3 billion and $5 billion. Wynn‘s December 2025 forecasts show the property generating up to $1.66 billion in yearly gaming revenue. Adjusted property EBITDA after management fees is projected in the range of $390 million to $570 million. Wolfe Research values the company’s 40% stake at around $48 per share, factored into an overall $128 price target based on 8.5 times projected 2028 adjusted EBITDA.

Project Risks and Earnings Potential

Near-term pressure on Wynn‘s Macau properties and Middle East geopolitical tensions represent material uncertainties, Supino noted. The $5.7 billion development off Ras Al Khaimah is scheduled to open in September 2027 as the first licensed integrated resort casino in the region. Construction resumed after a brief pause tied to regional conflict involving Iran.

If the property meets or exceeds these targets it could deliver a substantial earnings increase for Wynn Resorts. The market has not yet fully priced in that contribution, according to reporting by Gambling News. Operators evaluating similar diversification moves will track execution against these benchmarks closely.

Reporting: GamblingNews

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