Galaxy Entertainment Group of Hong Kong, as well as MGM Resorts International of Las Vegas, are presently considering the options of starting their operations in Thailand as well as the UAE. Incidentally, both of these entities are the absolute top players in the field of iGaming. Their intentions are to set up casino resorts in order to be able to make up for the drawbacks pertaining to their businesses in Macau.
All this while, their operations in Macau were generating extremely encouraging revenues, but due to some policies being adopted by China, they are compelled to try out fresher pastures. In their collective opinion, Thailand and UAE seem to be the most prospective destinations for shifting their businesses and setting up casino resorts on their soil. Incidentally, the Galaxy Entertainment Group belongs to the billionaire Lui Che-Woo. At the present moment in time, Galaxy Entertainment’s shares in Hong Kong have witnessed an upward rise to the tune of 5.3%. In the case of MGM China, there is an increase of more than 6%.
On the part of China, its aim is to alienate Macau as far as possible from gambling and make the shift towards pure entertainment. This has stemmed from the fact of incidents related to money laundering, which the country intends to clamp down upon. Of late, there has been an enormous influx of tourists in Macau, but it seems to be slowly waning. Therefore, according to the concerned Chinese authorities, the entire gambling scenario does not look to be very conducive currently.
The reason for both of the companies eyeing Thailand and UAE stems from the fact that they are aware that gambling being legalized in both countries will be happening in the near future. Accordingly, they feel it is the right time to make their preparations to enter the market. Both of the countries, however, are showing great potential in terms of added tourists pertaining to the rest of the Asian countries.
In the case of Galaxy Entertainment, the company currently has offices in Thailand as well as UAE. Where MGM is concerned, it has plans to look after an entertainment resort in Dubai and has been instrumental in establishing itself in Thailand. On its own part, Las Vegas Sands Corp has revealed an inclination towards Thailand, according to their Chief Executive Officer, Robert Goldstein. All three entities seem to be doing above-average business presently and have sound financial backing.
However, all said and done, they all are awaiting events to go in their favor where the legalization of gambling is concerned. It has been reported that both Thailand and UAE are in the process of formulating the legal aspects. In the opinion of the Chief Executive Officer of MGM, Bill Hornbuckle, matters will be resolved in the near future with the situation turning in their favor. For him, this will be the ideal destination for making a shift of base.