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MGM Resorts International CEO Bill Hornbuckle remains optimistic about Thailand’s casino market, though he expects progress to be gradual. During a JP Morgan Gaming, Lodging, Restaurant, and Leisure Management webcast on March 13, Hornbuckle and MGM CFO Jonathan Halkyard shared insights on the country’s evolving regulatory landscape.
While acknowledging the public opposition that may slow down Thailand’s Entertainment Complex Bill, Hornbuckle suggested the process could still be more efficient than Japan’s. “It won’t go as fast as I would like to think it will,” he said, adding, “but it doesn’t need to take as long as it did in Japan.”
Japan’s parliament approved its casino legislation in 2018, yet the first and only casino license, awarded to MGM in partnership with ORIX Corporation, wasn’t issued until 2023. The delays were partly due to regulatory debates and pandemic-related disruptions.
In contrast, Hornbuckle expressed hope that Thailand could implement concrete legislation by the first or second quarter of 2026, setting the stage for further developments.
Describing Thailand as “an amazing marketplace,” Hornbuckle highlighted its affordability and profitability potential. He noted that construction costs in the country would be significantly lower, ranging from 35 to 40 cents on the dollar, compared to other regions. Operational costs would also remain manageable, further boosting margins.
“So if you were lucky enough to get a license and build something of substance, it’s a meaningful market. And I think the margin in that business would be pretty extensive,” he said.
Analysts project Thailand’s annual gross gaming revenue (GGR) could reach 308 trillion baht ($9.1 billion), positioning it as the third-largest market globally, following Macau and Las Vegas.
The immense potential of Thailand’s market has already attracted leading gaming operators. Melco Resorts & Entertainment has established a presence in Bangkok, and major players like Galaxy Entertainment Group, Wynn Resorts, Las Vegas Sands Corp, Genting Singapore, and MGM are keen on securing licenses.
As the legislative process unfolds, companies will closely monitor opportunities for expansion in one of Asia’s most promising gaming markets.