{"id":82697,"date":"2024-08-01T18:58:55","date_gmt":"2024-08-01T18:58:55","guid":{"rendered":"https:\/\/neclink.com\/index.php\/2024\/08\/01\/mgm-says-china-unit-would-run-thailand-bid\/"},"modified":"2024-08-01T18:58:55","modified_gmt":"2024-08-01T18:58:55","slug":"mgm-says-china-unit-would-run-thailand-bid","status":"publish","type":"post","link":"https:\/\/neclink.com\/index.php\/2024\/08\/01\/mgm-says-china-unit-would-run-thailand-bid\/","title":{"rendered":"MGM Says China Unit Would Run Thailand Bid"},"content":{"rendered":"


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\n Posted on: August 1, 2024, 01:55h.\u00a0\n <\/p>\n

\n Last updated on: August 1, 2024, 01:55h.\n <\/p>\n

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Should MGM Resorts International (NYSE: MGM) pursue a bid for a Thailand casino license, it\u2019d run through its MGM China unit, according to CEO Bill Hornbukcle.<\/p>\n

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MGM CEO Bill Hornbuckle. He said the company\u2019s Thailand plans will run through its MGM China unit. (Image: Wall Street Journal<\/em>)<\/figcaption><\/figure>\n

The chief executive office made that clear on the company\u2019s second-quarter earnings conference call late Wednesday. MGM China, which is helmed by Pansy Ho, runs two integrated resorts in Macau \u2014 MGM Cotai and MGM Macau.<\/p>\n

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Next month, myself and Pansy Ho will be in Thailand looking at that opportunity. That is a venture that we\u2019re interested in. And if we do, do that, we\u2019ll do it through MGM China Holdings,\u201d said Hornbuckle on the call.<\/p>\n<\/blockquote>\n

No further mention of MGM\u2019s potential Thailand ambitions was made on the call, but Hornbuckle\u2019s comments arrived just a day after research firm CLSA published a report<\/a> in which it estimated annual gross gaming revenue (GGR) for Thailand casinos \u2014 when the venues are fully ramped up \u2014 could reach as much as $15.1 billion.<\/p>\n

MGM Has Well-Documented Interest in Thailand<\/h2>\n

MGM Resorts International has already clearly signaled interest<\/a> in Thailand and Hornbuckle\u2019s declaration that such an effort would run the operator\u2019s China unit is the first inkling of the company\u2019s approach to the Southeast Asian nation.<\/p>\n

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The MGM boss did not comment on how much MGM China could potentially spend on an integrated resort there nor did he mention a preferred location. Recent press reports suggested that five locations in Thailand have emerged as likely homes to the country\u2019s first gaming venues. Those consist of two in the capital city of Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket.<\/p>\n<\/div>\n

Hornbuckle telling analysts that MGM China would run the Thailand effort is confirmation of speculation that surfaced in June<\/a> when Ho reportedly met with Thai tourism officials in an effort to promote travel to Macau among Thai tourists.<\/p>\n

There are already significant ties between Macau and Thailand as the latter ranks among the top countries for inbound arrivals to the Asian casino hub.<\/strong><\/p>\n

MGM Eyeing UAE, Too<\/h2>\n

MGM\u2019s international exposure consists of MGM China and an integrated resort in Osaka, which is expected to open in 2030, indicating that Thailand could add diversification to the operator\u2019s portfolio. The United Arab Emirates (UAE) could be part of that equation as well.<\/p>\n

Earlier this week, the General Commercial Gaming Regulatory Authority (GCGRA) approved a lottery<\/a> in Abu Dhabi, sparking hope that broader gaming regulations could emerge there. That could position UAE as the next lucrative international casino frontier. MGM and a local partner are building a non-gaming hotel in Dubai, but there is space there for a casino and the company has previously said it could quickly pivot if gaming expansion takes hold there.<\/p>\n

\u201cWith UAE, I think, the great news is now that they\u2019ve announced the lottery, which is something that they said they would do. I\u2019m encouraged that the rest of this will roll out as defined. Now timing is still unknown. It kind of keeps moving around,\u201d said Hornbuckle on the call. \u201cBut I can\u2019t imagine by end of this quarter or into early next, we won\u2019t know with some specificity around what it means for Abu Dhabi and then potentially what the umbrella language is as it relates to all of the other Emirates.\u201d<\/strong><\/p>\n<\/div>\n


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Posted on: August 1, 2024, 01:55h.\u00a0 Last updated on: August 1, 2024, 01:55h. Should MGM Resorts International (NYSE: MGM) pursue a bid for a Thailand<\/p>\n","protected":false},"author":1,"featured_media":82698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[158],"tags":[],"class_list":["post-82697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/82697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/comments?post=82697"}],"version-history":[{"count":0,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/82697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media\/82698"}],"wp:attachment":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media?parent=82697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/categories?post=82697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/tags?post=82697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}