Wynn's $5.1B UAE Bet Survived a Drone Scare. The Real Risk Is in the Cap Rate.
Wynn resumed construction on its $5.1 billion Al Marjan Island casino after a brief pause for Iranian drone strikes, and analysts shrugged it off as "overblown." The 40% equity stake, 15-year exclusive license, and $3.3M per-key price tag tell a more complicated story about what this project needs to return.