MGM CEO to travel to Thailand to explore possible venture
Bill Hornbuckle will be joined by Pansy Ho Chiu King.
Macau.- MGM Resorts CEO and president Bill Hornbuckle has said he plans to travel to Thailand next month with Pansy Ho, chairperson and executive director of MGM China Holding, to explore possible ventures into the Thai market.
In June, the Tourism Authority of Thailand (TAT) said that MGM China was considering investing in Thailand’s proposed casino entertainment complexes if they are legalised. Analysts at CLSA have predicted that the legislative process to legalise casinos in Thailand will take one to two years, followed by another three to four years for construction. That timeline suggests that the first casino could open by 2029. CLSA estimates that a 17 per cent tax on US$15.1bn gross gaming revenue (GGR) could generate US$2.6bn in annual tax revenue.
During MGM’s second-quarter conference call, Hornbuckle provided updates on the company’s international projects, including the Osaka IR, a joint venture with Japan’s Orix Corp and several other Japanese entities. He said construction could start by May or June of next year with a target opening date around the middle of 2030.
See also: MGM China posts revenue of US$1.02bn for Q2
Regarding the United Arab Emirates (UAE), Hornbuckle said MGM is developing a non-gaming resort in Dubai with accommodation for a large-scale casino. UAE’s General Commercial Gaming Regulatory Authority (GCGRA) recently launched its website and issued its first federal lottery licence.
