Galaxy, MGM Resorts plan to establish casino in Thailand
Before Covid-19, Chinese visitors made up the majority of international visitors to the nation.
MGM Resorts International and Galaxy Entertainment Group Ltd. are exploring the prospect of setting up casino resorts in Thailand.
Galaxy, a company owned by billionaire Lui Che-woo, is reportedly considering opening gaming establishments in the United Arab Emirates (UAE).
In Hong Kong trade on Friday, Galaxy shares increased their gains to 5.3%, while MGM China, a division of MGM Resorts, saw gains of more than 6%.
Although China’s reopening caused a tourism boom that has helped Macau’s gaming income rebound to nearly 60% of the pre-Covid level in May, the boom may fade out later this year as pent-up demand eases and more Chinese travel abroad due to increased aircraft capacity.
A source said: “With the potential for both Thailand and the UAE to legalise casinos in coming years, operators are seeking to get a head start.”Prior to Covid-19, Chinese visitors made up the majority of international visitors to the nation, making up roughly 28% of all foreign arrivals, followed by Malaysians and Indians.
Angela Hanlee, Senior Analyst for APAC Gaming & Leisure at Bloomberg, said: “The UAE might beat Singapore, which is home to the renowned Marina Bay Sands resort and generate up to US$6.6 bn in gaming income yearly.”
Further, according to sources, Galaxy has already established offices in Thailand and the UAE to publicise its operations in Macau and to gather local knowledge.MGM, which will oversee an entertainment complex in Dubai, has a base in Thailand and was one of several companies that spoke with a Thai parliamentary committee looking into legalising casinos.
Meanwhile, Las Vegas Sands Corp has regularly shown interest in Thailand.
In January, Chief Executive Officer Robert Goldstein stated that the company is “looking hard” at the nation and is eager to have a foothold in the market.
Gambling Insider attended a panel discussion last week held by G2E Asia to explore compliance in the Asian gaming business.
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