Wynn Resorts Ltd. (WYNN) just gave Wall Street a closer look at its ambitious UAE casino project, and analysts came away impressed. Last week's analyst event in Dubai boosted confidence that the Al Marjan Island resort will actually deliver on its massive promise, according to BofA Securities.
What the Analyst Is Saying
Shaun Kelley from BofA Securities kept his Buy rating on Wynn but bumped up his price target from $140 to $150. The reason? He's feeling a lot better about how this massive project is coming together.
The Project Details
Wynn confirmed the resort will tower 70 floors high with a construction budget of $5.1 billion, and they're still on schedule to open in the first quarter of 2027. That's no small feat for a project of this scale.
Why Confidence Is Growing
The Dubai meeting gave Kelley and other analysts a deeper appreciation for several critical factors. First, there's genuine political alignment and support behind the project in Ras Al Khaimah, where Al Marjan Island sits in the UAE. Second, Wynn has assembled what Kelley calls a best-in-class management team to execute the vision. And third, the physical location, infrastructure, and overall geography of the site look increasingly attractive.
Kelley raised his price target to reflect "higher confidence" in the project, expecting Al Marjan to be "transformative for the UAE and WYNN."
Stock Performance
Shares of Wynn Resorts were down 1.71% to $124.96 at the time of publication on Tuesday.
