# Wynn Al Marjan Island UAE Market Tour ## December 2025 --- # Forward-Looking Statements This presentation contains forward-looking statements regarding future events and results and include, with respect to the development of the Wynn Al Marjan Island development and our joint venture investment, statements regarding estimated project costs, expected timing of the project, economic benefits, expected tax rates, and future results of operations and equity returns, and are based upon beliefs and assumptions of our management and on information currently available to us, all of which are subject to change. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by us. Furthermore, the degree of uncertainty increases with the times span of any projections. Specifically, the assumptions and bases of any forward-looking statements are not based on a view or perception that net income or any other financial metrics will be “not less than” any particular figure. Factors that may cause actual results to differ materially from our current expectations include: (i) the risk that the proposed joint venture is not consummated, (ii) our ability to finance the required level of investment on favorable terms, (iii) development and construction risks; (iv) risks associated with disruptions of the supply chains through which we obtain construction materials and furniture, fixtures and equipment; (v) project delays caused by, among other things, extreme weather patterns, natural disasters, or difficulties in obtaining permits and authorizations from regulatory authorities, (vi) demands imposed on our managerial, operational and other resources, (vii) macroeconomic conditions, and (viii) international relations and other geopolitical risks. Additional information concerning potential factors that could cause the Company's results to differ materially from those described in this presentation are included in the Company's Form 10-K for the year ended December 31, 2024 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update its forward-looking statements as a result of new information, future events or otherwise, except as required by law. This presentation includes non-GAAP financial measures. Non-GAAP financial measures are not measures of financial performance in accordance with GAAP and should not be considered in isolation or as an alternative to the most-directly comparable GAAP measure. --- ### Agenda - Then vs. Now – Learnings from the Past - Ras Al Khaimah Economic Overview - Ras Al Khaimah Tourism and Hospitality - Overview of Al Marjan Island - Design & Programming Overview - Introduction to the Operations Team - Financial Update --- # Overview of Ras Al Khaimah ## Abdulla Al Abdouli Marjan Chief Executive Officer --- # Welcome to Ras Al Khaimah! --- # RAK Vision 2030: An Ambitious Vision For the Future of Ras Al Khaimah _Source: Marjan._ _Note: Represents illustrative renderings for future planned development in Ras Al Khaimah, which may or may not be fully realized depending on a variety of factors._ --- # Then vs. Now – Learnings from the Past ## Julie Cameron-Doe Wynn Resorts, Limited Chief Financial Officer --- ### The Build Out and Land Reclamation in Macau Provides an Important Case Study for Ras Al Khaimah --- #### As a Refresher, Top US Regional Casinos Typically Require Travel Commitment from Source Markets ~50-minute drive time from Dubai to Wynn Al Marjan Island compares favorably to drive times for customers of major US regional casinos, and the infrastructure in the UAE is improving rapidly. #### Select Large US Regional Casinos | Casino | Location | 2024 GGR(1) | Nearest Major Metro | Drive Time | | --- | --- | --- | --- | --- | | Resorts World NYC | Jamaica,NY | $974 | Manhattan | 45-90 mins | | MGM National Harbor | Oxon Hill,MD | 839 | DC | 20-45 mins | | Encore Boston Harbor | Everett,MA | 748(2) | Boston | 15-30 mins | | Mohegan Sun | Uncasville,CT | 740(3) | NYC | 120-180 mins | | Borgata | Atlantic City,NJ | 738 | Philadelphia | 60-90 mins | | Live! Casino | Hanover,MD | 729 | Baltimore | 30-45 mins | | Empire City | Yonkers,NY | 607 | Manhattan | 30-60 mins | | MGM Grand Detroit | Detroit,MI | 604 | Detroit | 0-30mins | | Parx Casino | Bensalem,PA | 570 | Philadelphia | 45-60mins | | Hard Rock AC | Atlantic City,NJ | 545 | Philadelphia | 60-90mins | | Foxwoods | Mashantucket,CT | 540(4) | NYC | 120-180mins | | Wind Creek Bethlehem | Bethlehem,PA | 535 | Philadelphia | 60-90mins | | WinStar World | Thackerville,OK | N/A(5) | Dallas | 60-120mins | | Choctaw Casino | Durant,OK | N/A(5) | Dallas | 60-120mins | | Yaamava' | Highland,CA | N/A(5) | Los Angeles | 60-90mins | Sources: American Gaming Association, gaming commission websites and company public filings. --- # Ras Al Khaimah Economic Overview ## Alison Grinnell Marjan Group Chief Operating Officer & Chief Executive Officer of Marjan Hospitality --- ### We Have A Strong, Resilient and Diversified Economy Which is Growing Rapidly Sources: RAK Center for Statistics & Studies, E&Y Research & Analysis and FitchRatings. Note: AED:USD conversion rate of 3.6725:1. --- ### And a Highly Attractive Investment Proposition Which is Attracting Significant Foreign Investment #### Key Investment Drivers - 100% Foreign Ownership - 100% Repatriation of Capital and Profits - 0% Personal Tax - High Quality Utilities and Infrastructure Sources: Marjan and press releases. --- ### Deliberate Urban Planning Supports Long-Term Economic Growth - ~$35bn of development and infrastructure spend planned or underway - 200,000+ new residents anticipated by 2030 - 125,000+ new residential units by 2034 - 17.0 sq. miles of new development - ~400mm sq. ft. total GFA under development _Sources: Marjan and press releases._ --- ### Detailed Master Plan and Long-Term Urban Planning Source: Marjan. RAK Central: vibrant live-work-play hub in RAK’s new tourist zone, opposite Al Hamra and close to beaches. - Marjan Beach: vibrant mixed-used “beach town”, with a variety of entertainment and cultural amenities, retail, F&B, residential, office, hotel and beach resort offerings. --- ### Significant Infrastructure and Lifestyle Improvements Support Long-Term Vision for RAK - $200mm expansion of Emirates Road (E111) from three to five lanes - 323k sq. ft. RAK Airport terminal expansion by 2028 - Skyports to develop UAE’s first electric vertical takeoff and landing air taxi ecosystem by 2027 - Infrastructure works for RAK Central, RAK’s future live, work, play hub, completed in 2025 --- # Ras Al Khaimah Tourism and Hospitality ## Alison Grinnell Marjan Group Chief Operating Officer & Chief Executive Officer of Marjan Hospitality --- ### Tourism and Hospitality in Ras Al Khaimah Growing Hospitality Market Driven by Attractive Location - Significant pipeline of hotel development planned by 2030 to support continued growth in tourist visits - 8-hour flight from +75% of the world’s population - 50-minute drive from Dubai International Airport - Large local UAE population of ~10 million - Uniquely diverse topography, from the highs of the Hajar mountain range to terracotta deserts, lush mangroves, and 40 miles of white, sandy beaches --- ### Tourism and Hospitality Industry Expected to Grow Materially Over Next Several Years Sources: RAKTDA, RAK Center for Statistics & Studies and E&Y Research & Analysis. ### Total Overnight Guests --- ### Ras Al Khaimah Hotel Supply Set to Increase to Meet Strong Projected Overnight Visitation Demand --- ### Room Demand is Projected to Outpace Supply in Ras Al Khaimah --- # Overview of Al Marjan Island ## Tariq Bsharat Marjan Group Chief Strategy and Business Development Officer --- ### Accelerating Since Wynn’s Arrival, Marjan Island Is Fully Sold Out With Globally-Renowned Hospitality and Residential Projects #### Select Projects | Announced | Developer | Opening | Budget($mm) | Keys | Residencies | | --- | --- | --- | --- | --- | --- | | Nov-25 | Wynn Resorts and Marjan | TBD | TBD | 132 | TBD | | May-25 | Ardee Developments | Late 2028 | N/A | 250 | 519 | | May-24 | Almal RE Development | 2027 | $280 | 319 | 103 | | Nov-23 | Aldar Properties | Q4 2028 | N/A | -- | 1,998 | | Nov-23 | WOW Resorts | Late 2026 | $1,300 | 264 | 474 | --- ### The “Wynn” Effect – Land Prices on Marjan Island Have Nearly Tripled Since 2021 --- # Wynn Al Marjan Island ## Construction Update Joe Haley ## Wynn Design & Development Chief Operating Officer --- ### A Refresher on Wynn Design and Development – Full Cycle Design & Development Capabilities - 40+ years designing the world’s most iconic integrated resorts - Expertise in: - Project management - Architectural design - Architectural engineering - Landscape architecture - Project management - Our capabilities in design transformed the industry, establishing the modern IR - Expertise in: - Innovative design - Interior architecture - Landscape design - Art and purchasing - Construction Management --- ### Pacing to Q1 2027 Opening _Note: As of November 26, 2025._ ### Where Are We Today? **~18,000 construction workers and professionals are working each day to be ready for an early 2027 opening** --- ### Wynn Development Approach **Fixed fees, unit pricing and provisional sums vs a Significant buyout or fixed unit pricing** **General Contractor (“GMP”) contract to reduce risk** ### Remaining Milestones for a Q1 2027 Opening --- ## Wynn Al Marjan Island ## Design & Programming Overview Craig Billings ## Wynn Resorts, Limited Chief Executive Officer --- ### Wynn Al Marjan Island Will Be One of the Largest and Most Iconic Buildings in the Region --- ## Financial Update Price Karr ## Wynn Resorts, Limited Senior Vice President, Corporate Finance & ## Treasurer --- ### A Refresher on Market Sizing Assumes two other competitive integrated resorts operating in the UAE (three total) --- ### A Bottom-Up Approach Utilizing Advanced Market Sizing Techniques Provides Further Confidence In Our Range | (In millions,exceptLOSandADT) | Low | Base | High | | --- | --- | --- | --- | | Total Population Within4-hr Flight | 2400 | 2400 | 2400 | | (x)%PenetrationRate | 0.04% | 0.04% | 0.04% | | PotentialWAMIPatrons | 1.0 | 1.0 | 1.0 | | (x)Avg.AnnualTripFrequency | 2.8x | 3.0x | 3.2x | | AnnualTrips | 2.7 | 2.9 | 3.1 | | (x)Avg.LOS | 1.2 | 1.2 | 1.2 | | TotalVisitationDays | 3.1 | 3.3 | 3.5 | | (x)ADT | $325 | $400 | $475 | | TotalGGR(1) | $1,000 | $1,330 | $1,660 | --- ### Wynn Al Marjan Island Illustrative Stabilized Gross Gaming Revenue | Trip Frequency | Avg. Daily Theoretical(ADT) | | | | | --- | --- | --- | --- | --- | | | $350 | $400 | $450 | $500 | | 2.50x | $966 | $1,104 | $1,242 | $1,380 | | 2.75x | $1,063 | $1,214 | $1,366 | $1,518 | | 3.00x | $1,159 | $1,325 | $1,490 | $1,656 | | 3.25x | $1,256 | $1,435 | $1,615 | $1,794 | --- ### The Marjan Land Bank Provides 60+ Acres of Additional Land for Potential Future Development ### A Note on Typical Ramp Periods Wynn properties have historically ramped in about 3 years, typically with a significant jump from the first to second year as we fine tune operations and marketing --- # Wynn Al Marjan Island ## Introduction to Operations Team --- ### One of the Most Experienced Integrated Resort Management Teams Ever Assembled #### 475+ - 140+ Combined Years of Experience Operating Integrated & Luxury Resorts - 141 50+ Combined Years of Service with Wynn Resorts - Combined Years of Regional Experience --- ### Veteran Operating Team With Significant Integrated Resort and Luxury Hospitality Experience **Max Tappeiner Robert Gansmo Tom Roelens David Patent** **President Chief Financial Officer Chief Operating Officer EVP, Casino Operations** --- ### Thank you.