| Work Detail |
In the low-rise portion of the building, the concrete and steel structures is combined 70% complete. Exterior facades and interior fit out have commenced. Elevator and escalator installation across the property is also progressing Wynn Resorts has announced that Wynn Al Marjan Island has obtained a US $2.4bn construction facility syndicate of lenders to finance the development of Wynn Al Marjan Island, the first integrated resort in the United Arab Emirates. Wynn Al Marjan Island is located 50 minutes from Dubai International Airport in the emirate of Ras Al Khaimah. The secured term loan facility, made available to Wynn Al Marjan Island FZ-LLC which is a subsidiary of the 40%-owned joint venture, is denominated in a combination of AED and USD currencies, reflecting the bulk of the expected development expenditures to be incurred in AED. The term of the loan is seven years at a competitive market interest rate and is structured as a delayed draw facility which provides significant financial flexibility to the joint venture partners, said a statement. In the low-rise portion of the building, the concrete and steel structures are a combined 70% complete. Exterior facades and interior fit out have commenced, while elevator and escalator installation across the property are also progressing, said Wynn Resorts. The bank syndicate includes a mix of regional and international lenders. Abu Dhabi Commercial Bank and Deutsche Bank AG acted as Joint Coordinators of the financing. The joint coordinators as well as First Abu Dhabi Bank, Emirates NBD Capital, and The National Bank of Ras Al Khaimah acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters, Sumitomo Mitsui Banking Corporation DIFC Branch, Dubai acted as Lead Arranger. First Abu Dhabi Bank is acting as Agent and Security Agent for the lenders. Project construction is proceeding with 64% of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor. The construction team is completing one floor per week, working toward a topping off in December of this year. In the last 100 days, the resort tower has grown approximately 140ft. The resort will offer 1,542 rooms and suites, and 80% of the tower structure is said to be completed. The exterior façade window glazing is progressing with 2,840 of 13,734 panels completed, which is more than 20% of the total. Fit out is underway in approximately 1,121 rooms – including walls, floors, and ceilings, as well as all mechanical, electrical, and plumbing services. |
