MGM Resorts International and Galaxy Entertainment Group are actively exploring the possibility of developing a casino resort in Thailand. Notably, Galaxy, the company led by billionaire Lui Che-woo, is even contemplating the idea of establishing gaming venues in the United Arab Emirates (UAE).
In Friday's Hong Kong trading session, Galaxy's shares surged by 5.3%, while MGM China, a division of MGM Resorts, experienced a gain of more than 6%.
While China's reopening efforts triggered a surge in tourism, substantially aiding the recovery of Macau's gambling revenue to nearly 60% of its pre-Covid levels by May, it's anticipated that this boom could wane later this year as pent-up demand subsides and more Chinese tourists opt for international travel.
An insider revealed, "With the potential for Thailand and the UAE to legalize casinos in the coming years, casino operators are seeking to gain a competitive edge. Prior to the Covid-19 pandemic, Chinese tourists constituted the majority of international visitors to Thailand, accounting for around 28% of all foreign arrivals, followed by Malaysians and Indians."
Angela Hanlee, a senior analyst at APAC Gaming & Leisure at Bloomberg, commented, "The UAE could potentially outperform Singapore, which is home to the renowned Marina Bay Sands resort, and generate annual gaming revenue of up to $6.6 billion."
Moreover, Galaxy has already established offices in both Thailand and the UAE to promote its Macao operations and acquire local insights. MGM Resorts, which will oversee an entertainment complex in Dubai, has a presence in Thailand and has been one of several companies in talks with a Thai parliamentary committee regarding the potential legalization of casinos.
MGM Resorts International is a globally renowned company with a diverse portfolio encompassing national and international businesses that deliver exceptional hotels and casinos. This entertainment giant offers immersive and iconic experiences through its array of brands inspired by the allure of Las Vegas.
The company's extensive portfolio consists of 29 exclusive hotel and gaming destinations located across the United States and Macau. Among these, there are some of the industry's most iconic resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM.
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