MGM explores potential casino investment in Thailand

MGM China is reportedly searching for new investment options in Thailand’s proposed entertainment complex.

This potential move comes as Macau’s gaming operators seek to capitalize on the burgeoning Thai tourism market.

The revelation surfaced during a meeting between Thapanee Kiatphaibool, the governor of Thailand’s Tourism Authority (TAT), and Pansy Ho, the chairperson and executive director of MGM China, as cited in a report by the Bangkok Post.

The meeting took place last week as part of the Macao Government Tourism Office’s “Experience Macao Roadshow in Bangkok.”

According to Thapanee,  the Macau subsidiary of global casino giant MGM Resorts International “wants to promote Macau tourism to the Thai market, while also searching for new investment options in Thailand’s proposed entertainment complex.” However, it remains unclear whether MGM China would lead a consortium or take a minority stake in partnership with its parent company.

Thailand is drafting new legislation to regulate entertainment complexes, which will include legal casinos.

As cited in the report, Thapanee said the TAT plans to hold discussions with MGM over possible collaboration to improve Thailand’s competitiveness through new tourism-related products, including man-made attractions, which will be promoted alongside regular activities throughout the year.

MGM Resorts’ CEO and president, Bill Hornbuckle, has already expressed interest in the Thai market, describing it as “interesting” during the company’s recent 1Q24 earnings call.

“Obviously, it’s fully within the government’s control at this point. The dialogue to date has been encouraging,” Hornbuckle said. “We will see. The cost to do business there, the margins that could be had would be compelling [but] I don’t want to get ahead of that curve.”

Macau’s gaming operators have been actively targeting the Thai market, which the MGTO has revealed to be the eighth-largest source of tourists for the special administrative region.

Previously, Galaxy Entertainment Group announced plans to open a new office in Bangkok as soon as it ramps up its marketing efforts to attract Thai players, further underscoring the industry’s keen interest in tapping into the country’s burgeoning tourism potential. Staff Reporter