Wynn Resorts’ faces delays in the opening of its casino resort in the United Arab Emirates (UAE) due to the conflict between the US and Iran.
Wynn Resorts’ launch of its $5.1bn casino resort in the United Arab Emirates (UAE) may be postponed because of the construction halt arising from the conflict between the US and Iran, according to a source familiar with the matter cited by Bloomberg.
Wynn had scheduled the launch for next spring. The construction was put on hold temporarily after the start of the conflict before resuming in March.
Bloomberg now reports that there could be additional delays as the conflict continues.
The conflict has since created a more difficult operating environment across the region. Drones and missiles have affected construction and significantly reduced tourist demand.
The resort development is in Ras Al Khaimah, one of the seven emirates of the UAE. Development is taking place on the Al Marjan Island, part of a group of artificial islands located approximately 50 miles away from Dubai International Airport.
The property is being developed by Wynn and its partners, Marjan and RAK Hospitality Holding, and could become the first casino resort in the region. Its development includes almost two dozen restaurants, an events centre and a ballroom.
This development is a part of a wider trend in Gulf countries that includes the diversification of the entertainment and hospitality sector besides business and tourism.
The development also places Wynn at the front of a new casino market in the Middle East. Rival operator MGM Resorts International is building a hotel project in Dubai.
Regional fighting causes major global disruption
By 6 May, the severe attack has become more bearable after two months of tough battles.
The US has suspended its Project Freedom amidst diplomatic talks with Iranian authorities and negotiators from China and Pakistan. Both parties are reportedly reviewing a peace proposal that will hopefully bring the war to an end.
The proposed agreement centers on two major demands. The US is seeking complete nuclear disarmament by Iran. Iranian officials are requiring full sanctions relief as part of any settlement.
Despite the temporary lull, strict maritime blockades remain in place. Those blockades have contributed to higher oil prices and large-scale displacement.
Military analysts have warned that any maritime provocation could quickly restart broader combat across the region.
President Trump has shown mixed signals during the mediation effort, as well. While diplomacy continues, he has warned that he could order strikes on Iran at a higher level and intensity if no settlement is reached.