CEO Bill Hornbuckle says that Thailand is a potential market for MGM Resorts International (NYSE: MGM), and the United Arab Emirates is a "fascinating" jurisdiction.
At the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thursday, he said as much. While Hornbuckle reaffirmed that MGM's hotel in Dubai will not be a gambling site in an interview with J.P. Morgan analyst Joseph Greff, he did point out that the company may change course if the UAE approves casino gaming legislation.
"And then we would hope either through an opportunity in Abu Dhabi, which is something we will understand and pursue, or in Dubai. We will go after one, realizing and recognizing that the ruler of each Emirate has to approve that. And so that is how that works,” Hornbuckle told Greff.
Hornbuckle pointed out that if gambling is permitted in the UAE, it will probably begin with a lottery. That was before to approving Wynn Resorts' (NASDAQ: WYNN) casino proposal for Wynn Al Marjan Island and switching to digital betting in Abu Dhabi.
"Perfectly Situated" in New York
Hornbuckle thinks MGM is "ideally positioned" to receive one of the three downstate casino licenses that state regulators would eventually grant for the Empire City racino in Yonkers, New York.
This is inconsistent with the often held belief that Empire City and Resorts World New York, located in Queens, are well-positioned to obtain two of the three licenses. But it's unclear when that will be made official. The lack of cash from the license fees winning bidders would have to pay the state in Gov. Kathy Hochul's (D) budget has led to rumors that it might take until 2025 for bidders to learn their fate in New York.
"We're hoping to hear something this summer," Hornbuckle said. There were two rounds of questions, as you are aware. and the second round's trigger, which starts a 90-day request for proposal (RFP) procedure as soon as we receive responses to our queries. We're holding out for it. We have good reason to think that we'll obtain those and start ourselves underway sometime this spring.
In mid-2026, he said, MGM hoped to begin construction on an expanded Empire City, assuming it were granted a downstate license in New York.
Putting Tires on Thailand
Hornbuckle informed Greff that MGM already has government relations staff in Thailand in response to reports that earlier this week suggested a Thai House of Representatives committee may move forward with a report supporting casinos in the nation.
He issued a warning, noting that the idea of casino gaming is still relatively new in Thailand and that MGM's prospective application for a license will depend in part on how strict the laws are.
We are all alike. Many of the typical characters can be seen skulking around. Searching for locations and collaborators," Hornbuckle remarked.