MGM Resorts International and Galaxy Entertainment Group are exploring the prospect of building a casino resort in Thailand. Galaxy, the company of billionaire Lui Che-woo, is reportedly even considering opening gaming establishments in the United Arab Emirates (UAE).
In Hong Kong trading on Friday, shares of Galaxy rose by 5.3%, while MGM China, a division of MGM Resorts, gained more than 6%.
While China’s reopening sparked a tourism boom that helped Macau’s gambling revenue recover to nearly 60% of pre-Covid levels in May, the boom could fade later this year as pent-up demand eases and more Chinese travel abroad.
A source said: “With the potential for Thailand and the UAE to legalize casinos in the coming years, operators are looking to gain an advantage. Prior to Covid-19, Chinese visitors made up the majority of international visitors to the country, representing about 28% of all foreign arrivals, followed by Malaysians and Indians”.
Angela Hanlee, senior analyst at APAC Gaming & Leisure at Bloomberg, said: “The UAE could outperform Singapore, home to the renowned Marina Bay Sands resort, and generate up to $6.6 billion in gaming revenue annually.”
In addition, Galaxy has already established offices in Thailand and the UAE to publicize its Macao operations and gather local knowledge. MGM Resorts, which will oversee an entertainment complex in Dubai, has a location in Thailand and was one of several companies that have spoken to a Thai parliamentary committee looking into the legalization of casinos.
About MGM Resorts
MGM Resorts International is a company with national and international businesses that offer best-in-class hotels and casinos. The global entertainment brand delivers immersive and iconic experiences through its suite of Las Vegas-inspired brands.
The company’s portfolio encompasses 29 exclusive hotel and gaming destination offerings across the United States and Macau, including some of the industry’s most recognized resort brands such as Bellagio, MGM Grand, ARIA and Park MGM.
