MGM Resorts Eyes Thailand Casino Bid via Macau Subsidiary

MGM Resorts has confirmed that any bid to develop an integrated casino resort in Thailand will be conducted through its Macau subsidiary, MGM China.

CEO and President Bill Hornbuckle informed investors during MGM’s 2Q24 earnings call that he and MGM China Chairperson and Executive Director Pansy Ho would visit Thailand in August to explore this opportunity. The Ministry of Finance is expected to release the findings of a feasibility study on legalized casino gaming soon.

“[Thailand] is a venture that we’re interested in, and if we do that, we’ll do it through MGM China Holdings,” Hornbuckle said. He previously mentioned the company’s interest in Thailand, highlighting the attractive business costs and potential margins.

CLSA analysts suggested that Thailand could become a US$15 billion market if fully realized, with four of Macau’s six concessionaires interested in pursuing a license.

MGM Resorts has also shown interest in the UAE, being part of a development in Dubai with three MGM-owned hotel brands. The company aims to incorporate casino gaming into the Dubai development or in Abu Dhabi, pending the issuance of a casino license in either Emirate.

Hornbuckle welcomed the announcement by the General Commercial Gaming Regulatory Authority (GCGRA) that it had issued the UAE’s first lottery license, expressing optimism about the future of casino gaming in the region.

“We’re excited by our position in Dubai, where we and our partner have an amazing property under construction with accommodations for a large-scale casino [if licensed], offering many opportunities throughout the region,” he said.

Hornbuckle noted that the UAE’s license is likely “going to be spoken for,” referencing Wynn Resorts’ development in Ras Al Khaimah. However, he suggested that each Emirate might issue its own license, particularly Dubai, which MGM will continue to monitor closely.

Read: Thailand’s Gaming Legalization May Open $15.1B Market for Macau

Source: IAG