Genting’s Macau bid taken seriously: Hornbuckle MGM

October 13, 2022 Macau Earnings & Filings Industry Updates

The MGM brand is taking “very seriously” the bid by an outside entity linked to Genting Malaysia Bhd to vie for one of only six new Macau gaming concessions on offer, said on Tuesday Bill Hornbuckle (pictured), chief executive and president of MGM Resorts International.

The latter United States-based firm is majority owner of MGM China Holdings Ltd, a current Macau casino rights holder. Mr Hornbuckle was speaking to business news broadcaster CNBC in connection to the Global Gaming Expo (G2E) 2022 casino trade show and conference in Las Vegas, Nevada, in the U.S.

Referring to the bid from GMM Ltd, an indirect unit of Genting Malaysia, in Macau’s ongoing public tender process for new 10-year gaming rights likely to start in January 2023, Mr Hornbuckle stated: “We have to treat it very seriously”.

He added, in reference to the tender process: “We think we have a great proposition going forward.”

The Genting group as a whole already has a presence in the Las Vegas market, via Resorts World Las Vegas, as well as in New York state. In Asia, a Genting unit runs the Resorts World Sentosa gaming complex, half of Singapore’s casino duopoly. Genting Malaysia itself is the long-standing operator of Malaysia’s only casino complex, Resorts World Genting.

The MGM Resorts’ CEO made reference to the effort MGM China had already made in the Macau economy, and the proposals it was presenting to answer the Macau government’s requirements – on topics including general economic diversification and tourism-specific product diversification – under the new tender.

Mr Hornbuckle stated: “We are answering the government’s calls about diversification, about entertainment, about tourism, and the kinds of things we think are going to drive that market in the future. And the government has its own choice to make, when this process is over.”

He added, referring to the incumbent operators, that have all made bids for fresh rights: “It’s not only our company: it’s all six concessionaires. We have been very good to the community and the community to us, the [Macau] government extensively.”

The CEO stated: “We have been highly supportive throughout… Covid, in taking care of our employees, taking care of all of our SMEs [small and medium-sized enterprises] that we deal with. And so I think we [the incumbents] are all in really good shape.”