Wynn's mega-resort in Ras Al Khaimah went from $3.9 billion to $5.1 billion before a single guest checked in, and now geopolitical conflict is pushing the opening past its 2027 target. The "modest delay" language on the earnings call is doing a lot of heavy lifting for what's really happening on that island.
Nikki Beach just announced a 100-suite, 50-villa integrated resort in Marrakech with a 2028 opening, and the concept reads like a lifestyle brand's dream pitch. Whether it survives contact with reality depends on questions the press release very carefully didn't answer.
Bally's just closed $157M for 16 acres of former golf course in the Bronx, locking in the land for a $4 billion integrated resort. The per-key cost on the hotel component alone is interesting, but the capital stack behind the whole project is where this story gets uncomfortable.
