MGM Resorts expresses Thailand interest but wary on significant Macau investment

August 4, 2022 Thailand Emerging Markets

MGM Resorts International CEO and President Bill Hornbuckle has outlined the company’s interest in a potential integrated resort development in Thailand should a push to legalize casinos become a reality.

But significant further investment into Macau looks less certain as the company weighs up license re-tendering requirements in the current COVID-impacted business environment.

Hornbuckle was commenting during MGM’s 2Q22 earnings call on Thursday morning (Asia time) after the company announced a US$1.8 billion profit for the quarter, aided by record results in Las Vegas and in spite of a US$52 million EBITDAR loss in Macau.

With a growing war chest on the back of recent asset sales, Hornbuckle said MGM continues to look towards potential M&A opportunities globally, including in Thailand.

“Obviously we have a keen interest and will invest several billion dollars in Japan if we are given the opportunity, and that will be another cornerstone for us in Asia,” he said in response to questions about potential M&A activity.

“Between that and Macau we feel pretty comfortable with what’s going on there. Obviously we will watch, like everyone, what happens in Thailand – or anywhere else for that matter – but we like where we are and we’d like to be in Japan at scale.”