Report claims MGM China interested in Thailand IR investment – IAG
MGM Resorts International’s Macau subsidiary, Macau China Holdings, has reportedly expressed interest in investing in a Thailand casino development.
The Bangkok Post is reporting comments from Tourism Authority of Thailand (TAT) governor Thapanee Kiatphaibool, who met with MGM China’s Chairperson and Executive Director Pansy Ho late last week to discuss tourism cooperation opportunities between the two jurisdictions. Ho was in town as part of the Macao Government Tourism Office’s “Experience Macao Roadshow in Bangkok”.
According to the Bangkok Post, Thapanee said MGM China “wants to promote Macau tourism to the Thai market, while also searching for new investment options in Thailand’s proposed entertainment complex.”
It is unclear whether such investment would see MGM China take the lead in a consortium or a smaller stake in partnership with its parent company.
MGM Resorts CEO and President, Bill Hornbuckle, has already outlined his interest in Thailand, describing the market as “interesting” during his company’s recent 1Q24 earnings call.
“Obviously, it’s fully within the government’s control and hands at this point. The dialog to date has been encouraging,” he 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.”
In the meantime, Macau’s operators have been keen to tap the Thai market, revealed by the MGTO to be rank eighth among the SAR’s top source tourist markets. The Bangkok Postreported comments from a Galaxy Entertainment Group spokesperson claiming the company will open a new office in Bangkok shortly as it increases its marketing to Thai players.
