Wynn Resorts Ltd (NASDAQ: WYNN) has now climbed over 67% year-on-year.
UBS has upgraded its rating of Wynn Resorts from Neutral/Hold to Buy on the back of new analysis that takes a more positive view of the potential upside from Wynn’s Al Marjan Island project.
The news has had boosted Wynn Resorts Ltd stock, which is up almost 17% in the last month and over 67% since this time last year.
Wynn's UAE integrated resort is currently under construction in Ras Al Kaimah and is due to open its doors in spring 2027.
The venue will be the UAE’s first licensed and regulated casino, with Wynn Resorts and its partners having already been granted an operating license by the GCGRA.
“We anticipate that Wynn being the only gaming operator in the UAE should provide a meaningful head start in capturing loyalty among ultra high net worth international customers,” said UBS analyst Robin Farley.
UBS estimates the project’s adjusted property earnings (EBITDAM) to be around $730 million and boosted its price target on Wynn Resorts (WYNN) to $147 from $101.
The UAE’s softening position on gambling could help it obtain and cement a reputation as the go-to destination for high-end tourism in the region.
Many industry commentators believe that a successful opening of Wynn Al Marjan resort could open the door to the development of casinos in Dubai and elsewhere in the Gulf region.
